Oberoi Realty divests its shareholding in Sangam City Township for Rs 3.60 crore, ET RealEstate

October 27, 2023

NEW DELHI: Oberoi Realty (ORL) has divested its shareholding in Sangam City Township, a joint venture where ORL held 31.67% stake, for Rs 3.60 crore, the company informed in a BSE filing.

The stake, which has been bought by Pune-based Balewadi Techpark, comprised of 9,500 equity share of Rs 10 each, fully paid up.

“A share purchase agreement dated October 26, 2023, has been executed by ORL, pursuant to which ORL has divested its entire 31.67% shareholding in the JV,” the company said in the regulatory filing.

It reported a 17 per cent decline in sales bookings to Rs 965 crore during the quarter ended September 30, 2023. Its sales bookings stood at Rs 1,156 crore in the corresponding quarter of the previous fiscal.

Sales in volume terms declined to 3,66,716 sq ft during April-September 2023 from 4,78,892 sq ft in the similar period last year.

In September 2023, the company had entered into an agreement for development and redevelopment of land admeasuring approximately 13,450 sq meters, situate at Tardeo, Mumbai. It expects to generate a free sale component of around 2.5 lakh sq ft (on carpet area) from this.

  • Published On Oct 27, 2023 at 08:18 AM IST

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