An investment firm managed by Singapore sovereign wealth fund GIC Pte. Ltd has announced to pick up a stake in Mumbai-based developer Godrej Properties Ltd in a rare entity-level transaction in India’s real estate sector.
Godrej Properties will raise a tad more than Rs 1,000 crore ($150 million) by issuing preferential shares to Ganmat Pte Ltd, the Mumbai developer said in a stock-exchange filing.
The company will issue 12.76 million shares to Ganmat at Rs 783.5 apiece, it said.
This translates to a stake of about 5.5% in Godrej Properties, as per the estimation.
