Oberoi Realty divests its entire shareholding in a joint venture with Sangam City Township

Oberoi Realty Ltd. (ORL), a real estate business based in Mumbai, successfully sold its 31.67% stake in Sangam City Township Private Ltd. for ₹3.6 crore on Thursday, October 26.

According to a stock exchange filing, this was carried out through a share purchase agreement dated October 26, 2023.

ORL owned a holding of 9,500 fully paid-up equity shares at a value of Rs 10 apiece in the joint venture. The agreement was executed on the same day as the sale transaction, which was scheduled to conclude on October 26.

The shares have been acquired by Balewadi Techpark Private Ltd, a Pune-based company, which is not affiliated with the promoter group or any group companies of Oberoi Realty Ltd.

In the second quarter of this fiscal year, Oberoi Realty recorded a 17% decrease in bookings, from ₹1,156 crore to ₹965 crore, compared to the same period last year. In July-September, the company booked 151 units, compared to 132 units in the same time last year, according to a regulatory filing made on October 20.

Volume sales from April to September decreased to 3,66,716 square feet from 4,78,892 square feet in the same period last year.