Godrej Properties enters into private equity agreement with SUN-Apollo India Real Estate Fund, LLC acting through its affiliates/companies (SUN-Apollo). The real estate developer sells 49% equity stake in a subsidiary developing its project at Sector 104 in Gurgaon.
Through this agreement, GPL has sold 49% equity stake in its subsidiary, Godrej Premium Builders Private Limited (GPBPL). SUN-Apollo has invested Rs.45 crores out of which Rs.18.3 crores has been paid to GPL for sale of stake and Rs.26.7 crores has been invested in GPBPL.
Pirojsha Godrej, Executive Director, Godrej Properties said, “We are very happy to have reached this agreement with SUN-Apollo. This fits in well with GPL’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions.”
