"L&T Realty Ltd, a wholly-owned subsidiary of Larsen & Tourbo Ltd, has executed a share purchase agreement for selling its entire stake in L&T South City Projects Pvt Ltd to Pragnya group," the construction firm said in a BSE filing.
L&T Realty owns 51 per cent stake in L&T South City Projects Pvt Ltd, which is engaged in the development of a 92-acre residential township at Siruseri, Chennai.
On the rationale for sale, L&T said that it was "limited scalability of the business in the project for L&T Realty Ltd".
Pragnya group is an investment firm with a specific focus on fund management, property development and asset management.
The group has been involved with L&T South City Projects Pvt Ltd and the development of the 92-acre residential township in Chennai since its inception.
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