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The Madras High Court has restrained L&T Realty Limited from selling its stake in L&T South City Projects. The development follows a petition by Aditya Birla Real Estate Fund, a shareholder in the project.
L&T Realty Limited executed a share purchase agreement for the sale of its 51 per cent stake in L&T South City Projects Private Limited to Pragnya Group, an investment firm. The stake sale was estimated to be around Rs 190 crore. Limited scalability of the business in the project for L&T Realty Ltd was the rationale behind the sale, said the company.
Meanwhile, the company in a disclosure
