HDFC to pick up 49 per cent stake in Godrej Estate Developers

MUMBAI: Godrej Properties on Monday said it will transfer 49 per cent stake of its subsidiary Godrej Estate Developers to HDFC for Rs 45 crore.

The company has entered into agreements with HDFC PMS to transfer 49 per cent of the equity share capital of its arm Godrej Estate Developers for a consideration of Rs 45 crore, Godrej Properties said in a filing to the Bombay Stock Exchange.

Further, Godrej Properties has assigned the development rights of its project at Chandigarh to Godrej Estate.

Shares of Godrej Properties were trading at Rs 499 on BSE, down 1.43 per cent from the previous close.