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Godrej Properties Ltd Buys Back HDFC PMS’ Stake In Two Realty Projects-Business Line


Sunday, 30 Jun 2013 08:00pm EDT 

Business Line reported that Godrej Properties Ltd has bought back HDFC Asset Management Company Ltd’s nearly 50% stake each in the realty firm’s two projects at Chennai and Chandigarh for an undisclosed amount. HDFC PMS (Portfolio Management Services) had invested about INR100 crore to pick up stake in Godrej Properties’ two subsidiaries, which are developing realty projects in Chennai and Chandigarh, sources said. Similarly, Godrej Properties has purchased HDFC PMS’ 49.9% stake in Godrej Sea View Properties, which is developing Godrej Palm Grove project in Chennai. Post these transactions, the Company said that Godrej Estate Developers and Godrej Sea View Properties have become wholly owned subsidiaries.