Sobha Developers today said it had bought back 40.5% stake in a special purpose vehicle (SPV) from Dubai-based Pan Atlantic Investments for an undisclosed amount.
"Pan Atlantic Investments holding 81% of the equity interest in the SPV has expressed its desire to exit the investment... Accordingly, the company has purchased an equity interest equivalent to 40.5% in the SPV today," Sobha Developers said in a filing to the Bombay Stock Exchange (BSE).
Following this transaction, Sobha Developers now holds 59.5% stake in the SPV -- Sobha Developers (Pune). The SPV will now become a subsidiary of the realty firm.
The SPV is executing a residential project -- Sobha Forest View -- at Hosahalli Village near Bangalore.
The shares of the realty firm today closed 2.65% up at Rs 265.60 apiece on the BSE.
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