Sobha gains on selling entire contribution in CVS Techzone LLP

Sobha rose 2.76% to Rs 229 after the realty firm said it sold its entire contribution of 43.13% in CVS Techzone LLP for Rs 35,87,972 on 30 September 2020.

The Bengaluru-based real estate company, had contributed 35,87,972 to take 43.13% in the newly incorporated limited liability partnership (LLP) company - CVS Techzone LLP. It was incorporated on 8 September 2020 for development of a tech park on a joint venture basis.

"The main object of the LLP is to acquire, promote, develop and improve software technology parks, industrial parks etc," Sobha noted.

Sobha is a real estate player primarily focused on residential and contractual projects. Its consolidated net profit slumped 92.7% to Rs 6.6 crore on 70.3% decline in net sales to Rs 350 crore in Q1 June 2020 over Q1 June 2019.

 

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