Sobha founder sells 4% in company

PNC Menon, the chairman and co-promoter of Bangalore-based Sobha Developers, sold nearly 4 per cent of the stake he holds in the company today, according to information available with stock exchanges.

Menon sold four million shares at Rs 250.22 in the open markets today, making Rs 100 crore from the sale. Of this, a foreign institutional investor Aranda Investments Mauritius bought around 3.85 million shares, according to data on bulk deals.

The exact reasons for the stake sale is not known. Promoters hold 64.67 per cent stake in the company, of which Menon holds 22 per cent

The company’s stock fell 3.54 per cent today to close at Rs 256.15 on Monday.