Kotak Mahindra Bank acquires 1.37% stake for Rs 91.61crore in Godrej Properties

Private-sector lender Kotak Mahindra Bank on Monday acquired a 1.37% stake in Godrej Properties for over Rs 90 crore through an open market transaction.

The bank acquired 27,46,043 shares or 1.37% stake in the real estate development arm of the Godrej group for Rs 90.61 crore, according to the bulk deals data available with the NSE. The shares were bought at an average price of Rs 330 per scrip. 

In a separate transaction, Godrej Industries on Monday sold 27,50,000 shares it held in the real estate company.

Godrej Industries is a part of the real estate firm's promoter group and sold the shares at Rs 330 apiece.

Godrej Properties is developing residential, commercial and township projects spread across 110.30 million sq ft in 12 cities across the country.

Earlier this month, it had sold 300 flats worth over Rs 700 crore in just a week at its project in Vikhroli, Mumbai, even as the housing segment is facing huge demand slowdown.

Godrej Properties shares on Monday closed at Rs 334.80 apiece, up 2.20% on BSE.