Godrej Industries' Strategic Divestment: Anamudi Offloads ₹860 Crore Stake in Sobha Ltd

Godrej Industries Group's Anamudi Real Estates sold 47.37 lakh shares in Sobha Ltd for approximately ₹860 crore through block deals. This move reduces their stake to about 5%. The sale aims to monetise investments and marks a significant shift in the company's investment strategy.

Godrej Industries Group's family office, Anamudi Real Estates, has divested 47.37 lakh shares in the real estate firm Sobha Ltd, netting about ₹860 crore through block deals on stock exchanges. The sale is part of Anamudi's strategy to monetise investments, sources confirmed.

Prior to the sale, Anamudi Real Estates held a 9.99% stake in the Bengaluru-based Sobha Ltd, which has now been reduced to approximately 5%. Sources indicated that the shares were transacted at around ₹1,810 each, acquired by both global and domestic institutional investors.

On Thursday, Sobha's shares closed at ₹1,862.50 each on the BSE, though by Friday they dropped 3.18% to ₹1,803.35. Godrej Industries Group's family office reportedly sold the shares at a 10-times multiple of their original investment, including dividends, over a four-year period.

Sobha Ltd, a leading real estate developer that recently raised ₹2,000 crore via a rights issue, is planning to expand aggressively in India. Promoters hold a 52.77% stake, and its market capitalisation stands at around ₹19,000 crore.

The company, listed since 2006, posted a 28% growth in sales bookings last fiscal year, amounting to ₹6,644.1 crore. Founder PNC Menon mentioned plans to quadruple annual sales to ₹30,000 crore over the next 4-5 years, including entering the Mumbai luxury housing market.

(With inputs from agencies.)