Sobha promoter PNC Menon sells 4% stake in co

BANGALORE: PNC Menon, the chairman of Sobha Developers and its main promoter, on Monday sold some of his holdings in the company to Temasek for about Rs 100 crore. He is also negotiating to sell some of his stake in the group’s unlisted technology arm to the existing management. Mr Menon, who is based in Dubai, sold a 4% in Sobha Developers in the market on Monday cutting his stake in the company to 12.7%. The shares were sold for Rs 251. The reason for the stake sale is not known.

The total promoter holding in the company is 60.5% now. Sobha’s stock opened at Rs 266.30 and closed at Rs 256 on Monday down 3.5% on BSE. Mr Menon is also negotiating to sell some of his stake in Sobha Renaissance Information Technology (SRIT), the privately held subsidiary of Sobha Developers, to the firm’s existing management headed by Madhu Nambiar.

People close to the development said that SRIT co-founder and MD Madhu Nambiar, who now holds 25%, is likely to increase his ownership to around 75% along with the backing of Giri Devanur, an IT entrepreneur . PNC Menon along with an overseas fund will reduce their holdings in SRIT though Sobha Developers will get to retain its 20% in the company.
SRIT MD Mr Nambiar could not reached for his comments with regard to these developments but an official in the firm confirmed that talks were on. Mr Menon’s reply could not be ascertained despite repeated attempts.