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L&T Realty Ltd, a subsidiary of Larsen & Toubro, has sold its entire stake in L&T South City Projects to Pragnya Group, an investment firm associated with the project, for ₹190 crore. L&T Realty holds a 51 per cent stake in L&T South City which is developing a 92-acre residential township at Siruseri, a suburb to the south of Chennai.
The share sale transaction was agreed today and is expected to be completed by March 30, L&T informed the BSE. Pragnya South Opportunity Fund and Pragnya Fund II of the Pragnya group are the purchasers.
The group partners with reputed developers and has a presence in India, Sri Lanka and Africa.
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