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May, 04 2018

GIC to acquire $150-mn stake in Godrej Properties in a rare deal

Godrej Properties will raise a tad more than Rs 1,000 crore ($150 million) by issuing preferential shares to Ganmat Pte Ltd.

An investment firm managed by Singapore sovereign wealth fund GIC Pte. Ltd has announced to pick up a stake in Mumbai-based developer Godrej Properties Ltd in a rare entity-level transaction in India’s real estate sector.

Godrej Properties will raise a tad more than Rs 1,000 crore ($150 million) by issuing preferential shares to Ganmat Pte Ltd, the Mumbai developer said in a stock-exchange filing.

The company will issue 12.76 million shares to Ganmat at Rs 783.5 apiece, it said.

This translates to a stake of about 5.5% in Godrej Properties, as per the estimation.

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