Godrej Family Office Sells Stake in Sobha for INR 858 Crore

Bengaluru: An entity owned by the Godrej Industries Group family office sold nearly half of its stake in Bengaluru-based real estate developer Sobha in block deals for approximately ₹857.70 crore.

Anamudi Real Estates, which held a 9.99% stake, sold 4.43%. Key Buyers and Market Impact Mirae Asset Mutual Fund, Invesco Mutual Fund, and Aditya Birla Sun Life Mutual Fund were significant buyers, acquiring shares worth ₹418 crore.

On the transaction day, Sobha's market capitalization was about ₹19,200 crore, with shares closing 3.77% lower at ₹1,792.35.

Investment and Return Details

Anamudi Real Estates initially purchased the stake in 2020 for ₹170 crore. The secondary exit provided around a 10x return. Sobha's promoters, PNC Menon and family, hold the majority stake, followed by Anamudi Real Estates and other major investors.

Future Growth Plans

Sobha has approved a ₹2,000 crore rights issue to enhance equity and support future growth, increasing the company's equity base to ₹4,500 crore. The firm aims to develop at least 50 million sq ft of projects in Mumbai, Bengaluru, Pune, Chennai, Kerala, Hyderabad, and Ahmedabad over the next four years.

Additionally, Sobha is diversifying to reduce portfolio risks, focusing on expanding into NCR, Mumbai, Hyderabad, and Pune.