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Construction : Web Exclusive | July 2013 | Source : Construction Update

Godrej buys back HDFC PMS stake in 2 realty projects

Godrej Properties has bought back HDFC Asset Management Company's nearly 50 per cent stake each in the realty firm's two projects at Chennai and Chandigarh for an undisclosed amount. HDFC PMS (Portfolio Management Services) had invested about Rs 100 crore to pick up stakes in Godrej Properties' two subsidiaries, which are developing realty projects in Chennai and Chandigarh, sources said.

In a filing to the BSE, Godrej Properties said the company has bought back from HDFC PMS, its 49 per cent stake in subsidiary Godrej Estate Developers, which is developing Godrej Eternia project in Chandigarh.

Similarly, Godrej Properties, part of Godrej Group, has given exit to HDFC PMS by purchasing its 49.9 per cent stake in the subsidiary Godrej Sea View Properties, which is developing 'Godrej Palm Grove' project in Chennai. The exit was provided as per the buy-out option available under separate agreements with the HDFC Asset Management Company for Godrej Eternia project at Chandigarh and Godrej Palm Grove at Chennai.

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