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Over 2.4 crore shares of Shriram Properties or 14.1 per cent of its equity changed hands in a block deal on the NSE on Friday for a total value of around ₹134 crore. The deal was done at ₹55.05 a share.
The seller was WSI/WSQI V (XXXII) Mauritius Investors which held 14.27 per cent stake in the company as of December-end, Shriram Properties MD and CEO Murali Malayappan, told businessline. He explained that the PE firm had been a long-time stakeholder in the company, but had been inactive in India for some time. Its exit from the company was part of its strategy to focus its attention to the US.
Murali said the fact that the PE firm was able to find a buyer for such a large chunk of equity ‘in the uncertain market conditions’ was an affirmation of the company’s performance and it should be seen as a positive. He added that the company was on track to meet its targets for the year and that housing demand was robust in Bengaluru.
Shares of the real estate developer that opened 5.4 per cent higher at ₹58.40, soared over 17 per cent to hit a high of ₹64.90 intraday.
Shares of Shriram Properties ended 9.8 per cent higher at ₹60.85 on the NSE.
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