MUMBAI: Godrej Properties Ltd has bought out private equity (PE) firm Red Fort Capital’s 49 per cent stake in its subsidiary Godrej Developers Pvt Ltd (GDPL) for an undisclosed amount.
GDPL is the special purpose vehicle for the company’s IT park project in Kolkata, Godrej Genesis.
With this, GDPL becomes a wholly-owned subsidiary of Godrej Properties, the Mumbai-based realtor said in a filing with BSE on Wednesday.
Red Fort Capital had invested in Godrej Genesis in 2008.
Godrej Properties has a total exposure of 6.93 million sq ft in Kolkata, including Godrej Genesis, with a developable area of close to 1 million sq ft.
It has another IT park development in the city, called Godrej Waterside. It had earlier given an exit to the PE partner in its Waterside project, too, taking 100 per cent ownership.
In July this year, the developer had bought out HDFC Asset Management Co Ltd’s nearly 50 per cent stake each in its Chennai and Chandigarh projects. HDFC PMS (Portfolio Management Services) had invested about Rs 100 crore in those two projects.
Godrej Properties is developing residential, commercial and township projects spread across 87.6 million sq ft in 12 cities.
The company’s scrip closed at Rs 166.4 on Wednesday, down 0.92 per cent from its previous close on BSE.