News Column

SSIII Indian Investments Sells Stake In Oberoi Realty

May 26, 2014

SSIII Indian Investments, the largest non promoter shareholder has sold 3.5% stake in real estate developer @Oberoi_Realty for a consideration of R265.5 Cr in the open market. The deal trims its stake by one third to 5.96%.

The sale was executed on both NSE and BSE at a unit price of R231.19 and R230.61 respectively.

The company held 9.46% interest in the Mumbai based developer as on the end of FY 14. Other shareholders as on the same period include Morgan Stanley (1.33%), Third Avenue Trust (1.57%), T Rowe Price (1.54%) among others.

In another deal Morgan Stanley hiked its stake in the company picking up over 38 lac shares for a total of R89 Cr. Morgan Stanley bought these shares at R230 per share.

Oberoi Realty Limited operates as a real estate development company in India. It develops and sells residential projects; and develops and leases office space, as well as retail, hospitality, and social infrastructure projects in Mumbai and Pune.

The company has a portfolio of 35 completed projects across Mumbai with approximately 20mn sqft to be developed in the near future. Recently the company had partnered International luxury brand Ritz Carlton for an upcoming Worli Hotel. It also purchased Tata Steels land in Borivli.

The company had clocked revenues of R622 Cr with a PAT of R295 Cr in the last fiscal.

Other notable bulk deals include:

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Source: DealCurry (India)

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