Godrej Sobha stake: Godrej Family Office likely to sell a 5% stake in Sobha Ltd

BENGALURU: The Godrej Industries Group (GIG) family office, through its entity Anamudi Real Estates, has partially exited its stake in Bengaluru-based real estate developer Sobha Ltd in secondary market block deals totalling around Rs 857.70 crore. The company sold its nearly 4.43% stake, out of 9.99% held, through block deals on the stock exchange on Friday. Mirae Asset Mutual Fund, Invesco Mutual Fund, and Aditya Birla Sun Life Mutual Fund are some of the key buyers that have purchased Sobha’s shares worth Rs 418 crore, showed the Bombay Stock Exchange trade data.The developer has market capitalisation of nearly Rs 20,000 crore, with Anamudi Real Estates holding 1,06,84,682 shares prior to this partial exit.”The GIG family office had acquired the stakes from the market and is now capitalising on them through a secondary exit,” said a person familiar with the deal.The GIG family office had bought the stake in 2020 for a total of Rs 170 crore. “The exit will provide a 10x return to the family office,” said a market source.The GIG family office did not respond to an email from ET, while Sobha Ltd declined to comment.Currently, PNC Menon–the promoter and his family–owns the majority stake in Sobha Ltd, followed by Anamudi Real Estates, Franklin India Focused Equity Fund, and Schroder International Selection Fund Emerging Asia.Separately, Sobha Ltd recently approved a Rs 2,000 crore rights issue to bolster its equity and drive future growth. Following this capital infusion, the company’s equity base will increase to Rs 4,500 crore.The firm plans to develop at least 50 million sq ft of projects across key cities like Mumbai, Bangalore, Pune, Chennai, Kerala, Hyderabad, and Ahmedabad over the next four years, adding to its current 38.37 million sq ft under development.Diversification efforts are also underway to reduce portfolio risks, with a heightened focus on expanding into other geographies such as NCR, Mumbai, Hyderabad, and Pune.In the financial year 2023-24, the company achieved a record-breaking annual sales value of Rs 6,644 crore, with 6.08 million sq ft of new area sales at an average price realisation of Rs 10,922 per sq ft.However, during 2023-24, net profit declined to Rs 49.11 crore from Rs 104.20 crore in the previous year, and total income fell to Rs 3,217.88 crore from Rs 3,402.43 crore in 2022-23.As of the fourth quarter of the last fiscal year, the net debt amounted to Rs 1,262 crore, maintaining a debt-equity ratio of 0.50. Notably, Bangalore contributed 67.5% to the overall sales value in FY24, followed by Kerala at 15.2% and Gurugram at 8.8%.



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