Mumbai-based real estate company Oberoi Realty Ltd (ORL) on Thursday (October 26) completed the divestment of its 31.67% shareholding in the joint venture, Sangam City Township Private Ltd, for ₹3.6 crore.
This was executed through a share purchase agreement dated October 26, 2023, according to a stock exchange filing.
The joint venture in which ORL held its stake comprised 9,500 fully paid-up equity shares of Rs 10 each. The sale transaction was initiated on the same day as the agreement's execution, with an expected completion date set for October 26.
The shares have been acquired by Balewadi Techpark Private Ltd, a Pune-based company, which is not affiliated with the promoter group or any group companies of Oberoi Realty Ltd.
Oberoi Realty reported a 17% decline in bookings to ₹965 crore in the second quarter of this fiscal, down from ₹1,156 crore in the year-ago period. According to a regulatory filing on October 20, the company booked 151 units during the July-September period as against 132 units in the year-ago period.
In terms of volume, the company's bookings stood at 2,20,828 square feet of carpet area in the second quarter of this fiscal as against 2,33,947 square feet in the year-ago period. The company booked 261 units during the first six months of this fiscal, down from 296 units in the year-ago period.
Sales in volume terms declined to 3,66,716 square feet during the April-September period, down from 4,78,892 square feet in the year-ago period.
Shares of Oberoi Realty Ltd ended at Rs 1,069.85, down by ₹13.05, or 1.21%, on the BSE.
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