Godrej to sell 49 per cent in Sea View Properties to HDFC Asset Management

Godrej Properties Ltd today said that it had signed a pact with HDFC Asset Management Co to sell a 49 per cent stake in unit Godrej Sea View Properties Pvt Ltd for Rs55 crore.

In a note to the Bombay Stock Exchange, the real estate developer said it has sold the first tranche of 22.27 per cent for Rs25 crore million and will sell the remaining 26.73 per cent in the second tranche. It didn't specify when it will sell the second tranche.

Godrej Properties is part of the Godrej group, which has businesses ranging from consumer goods and food products to security systems.

The company last week said it will sell a 49 per cent stake in another unit, Godrej Estate Developers Pvt Ltd, to HDFC Asset Management for Rs45 crore.

HDFC Asset Management is a joint venture between Indian mortgage lender Housing Development Finance Corp and UK-based Standard Life Investments Ltd.