Mumbai, Dec. 4: Godrej Properties, a real estate development company, has bought back the 49 per cent stake it had sold in a Calcutta subsidiary to private equity firm Red Fort India Real Estate Babur.
The company did not say how much it paid to buy back the stake.
Godrej Properties had sold the stake in Godrej Developers Pvt Ltd to Red Fort in 2008 in a deal valued at just over Rs 20 crore.
Red Fort had bought 15,968 equity shares of Rs 10 each in Godrej Developers Pvt Ltd (GDPL) at a premium of Rs 12,841.86 per equity share. The stake buyback was in terms of an agreement with Red Fort. GDPL has developed the IT Park project Godrej Genesis.
Godrej Properties Ltd was established in the year 1990 as a real estate development company within the Godrej group. Initially, the company concentrated its operations in the Mumbai Metropolitan region before expanding to other cities such as Pune, Bangalore, Calcutta, Hyderabad, Ahmedabad, Mangalore, Chandigarh, Chennai and Kochi.
Godrej Properties has a presence in 12 cities in India, with about 90 million sq ft of potential developable area.
The first project that the Godrej group developed in Calcutta was Godrej Waterside for which an agreement was executed in 2005. In 2007, it established Godrej Developers Pvt Ltd before selling a 49 per cent stake to Red Fort.
In 2008, the group formed a new wholly owned subsidiary — Godrej Estate Developers Pvt Ltd.