/ L&T Realty Sells Its Stake In Chennai's Township Project ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 15 March 2017

L&T Realty Limited for an estimated amount of Rs 190 crore has sold its stake in L&T South City Projects, which is building a township project in Chennai. The company for sale of its 51% stake in L&T South City Projects Private Limited to Pragnya Group, has executed a share purchase agreement.

The project at Siruseri, one of the IT hubs located at Old Mahabalipuram, Chennai is a residential township and spans across an area of 92 acres, being currently developed by L&T South City Projects.

L&T said that the main reason behind the sale was the limited scalability of the business in the project. As on March 31, 2016 the networth of the SPV was Rs 134.05 crore.

Pragnya Group which is the buyer of the stake, is an investment firm, and mainly focuses on fund management, asset management and property development.

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