Godrej Properties Sells Stake To Group Company For ₹540.6 Million

Godrej Properties Ltd. said on Wednesday it has sold a 2.5% stake in Madhuvan Enterprises Pvt. Ltd. to Godrej Ventures and Investment Advisers Pvt. Ltd. for ₹32.5 million. The sale is expected to be completed on Thursday, the company said in a stock exchange filing.

In two separate transactions, Godrej Projects Development Ltd., a subsidiary, has sold 2.5% stake each in Munjal Hospitality Pvt. Ltd. and Vagishwari Land Developers Pvt. Ltd. to Godrej Ventures for ₹334.4 million and ₹172.7 million, respectively. Both transactions are also scheduled to conclude on Thursday.

Godrej Ventures, part of the promoter group, is engaged in advisory services and the management, development, and leasing of real estate projects. All three transactions are classified as related-party transactions, the company said