Godrej Properties sells 5% in Godrej Green Homes to Godrej Fund Management

Godrej Properties has sold a 5% equity stake in Godrej Green Homes to Godrej Fund Management and Investment Advisors for Rs 46.70 crore. Godrej Fund Management and Investment Advisors belongs to the promoter group of the company and is engaged in providing business advisory services, managing, developing, and leasing real estate projects, Godrej Properties said in a regulatory filing.

The deal is a related party transaction. However, the transaction is at arm's length, and the sale price is determined based on fair valuation. It is the same as being sold to a non-related party, the company said.

On Wednesday, shares of Godrej Properties closed at Rs 2,666.95, up 3.4% over previous session.