SSIII Indian Investments sells 3.5% stake in Oberoi Realty

Written by PTI | Mumbai | Updated: May 23 2014, 02:35am hrs
SSIII Indian Investments Two today offloaded 3.5 per cent stake in Oberoi Realty for an estimated amount of over Rs 265 crore through the open market route. According to the bulk deal details with the stock exchanges SSIII Indian Investments sold a total of 1.15 crore shares (or 3.5 per cent stake) of Oberoi Realty.

Individually, SSIII Indian Investments offloaded 60 lakh shares of Oberoi Realty on the BSE and 55 lakh shares on the National Stock Exchange (NSE).

Oberoi Realty shares were sold for an average price of Rs 231 apiece, valuing the transaction to over Rs 265 crore. In a separate transaction, foreign fund house Morgan Stanley Asia (Singapore) picked up 38.71 lakh shares of the real-estate firm for Rs 89.04 crore.

At the end of quarter-ended March 2014, SSIII IndianInvestments Two held 3.10 crore shares of Oberoi Realty representing 9.46 per cent stake in the company.

For the same quarter, Morgan Stanley Asia (Singapore) had a holding of 1.33 per cent in Oberoi Realty.

Oberoi Realty had reported 47 per cent fall in its consolidated net profit at Rs 77.03 crore for the fourth quarter ended March on lower sales.

The Mumbai-based company had posted a net profit of Rs 145.17 crore in the year-ago period.

The company had witnessed three key developments in the last few months clearance by Supreme Court of the land in Mulund, the appointment of the Ritz-Carlton as the hospitality partner for the Worli development and the acquisition of the land in Borivali.

Shares of Oberoi Realty fell marginally by 0.30 per cent to end at Rs 245.70 apiece on the BSE today.