New Delhi. There may be a block deal in the shares of real estate company Sobha Limited. According to a news from Moneycontrol, Anamudi Real Estate, which has a stake in Sobha Limited, is preparing to sell its 5 percent stake. The price of this deal can be more than $ 100 million or Rs 837 crore. Let us tell you that Anamudi is a wholly owned unit of Godrej Properties, a well-known real estate company.
Anamudi has 9.99 percent stake in Sobha Limited. As this news spread in the market, the shares of Sobha Limited rose by 2.07 percent. Its shares closed with a gain of 1.34 percent. The current price of Sobha Limited shares is Rs 1862.50.
Information related to block deal
According to reports, the sale of shares in the block deal has been fixed at 6 percent less than their current price. After this, there will be a lock-in period of 90 days on selling the shares. Let us tell you that this company was listed in the stock market in 2006. It is one of the leading real estate companies in South India and also has a presence in Delhi-NCR.
plan ahead
This company is planning to enter the luxury housing market of Mumbai soon. Its target is to increase the annual sales to Rs 30000 crore in the next 4-5 years. According to the news of Moneycontrol, the company plans to increase its equity capital to 10000 crores in the next 5 years. It is a unit of Sobha Group. Sobha Group was established in 1995. Its founder’s name is PNC Menon who is now the honorary chairman of the company. Another unit of Sobha Group, Sobha Realty, also works in Dubai.
Tags: Business news, Stock market
FIRST PUBLISHED : July 25, 2024, 21:52 IST