Godrej Properties signs deal with SUN-Apollo India Real Estate Fund

The real estate developer sells 49% equity stake in a subsidiary developing its project at Sector 104 in Gurgaon

Godrej Properties Ltd has announced an agreement with SUN-Apollo. Through this agreement, GPL has sold 49% equity stake in its subsidiary, Godrej Premium Builders Private Limited (GPBPL).SUN-Apollo has invested Rs. 450mn out of which Rs. 18.3 crores has been paid to GPL for sale of stake and Rs. 267mn 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.”

source: http://www.indiainfoline.com/Markets/News/Godrej-Properties-signs-deal-with-SUN-Apollo-India-Real-Estate-Fund/5322228835