Godrej Properties gains after block deal

At 0917 hours, 1.7 million equity shares of Godrej Properties have changed hands at Rs 241 a share on the BSE.

Godrej Properties has moved higher by 5.5% to Rs 250 after huge block deal executed on the counter on the Bombay Stock Exchange (BSE).

At 0917 hours, around 1.7 million equity shares representing 0.85% of total equity of the Mumbai-based real estate developer have changed hands at Rs 241 a share, the BSE data shows. However, the identity of the buyers and sellers could not be yet ascertained.

Meanwhile, Godrej Properties said it has transferred its majority stake in an upcoming project in Gurgaon to its residential property development platform formed two years ago with a string of foreign institutional investors led by Dutch pension services provider APG.

“Godrej Properties along with its subsidiary Wonder City Buildcon (WCBPL) has entered into an agreement with Shubh Properties Cooperatief U.A, and others, to transfer 74.9% of the equity share capital held by the Company in WCBPL for its project at Sector 79, Gurgaon,” the company said in a statement.