Godrej Properties surges 10% on Rs 770 cr property fund
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Shares of realty firm Godrej Properties today surged nearly 10 per cent today after the company created a Rs 770-crore residential development platform with international investors.
Shares of the company opened on a bullish note at Rs 536.95 and soon gathered momentum, jumping 7.09 per cent to a high of Rs 560 on the BSE.
In a similar vein, on the National Stock Exchange, Godrej Properties opened at Rs 530.80, then surged 9.93 per cent to an intra-day high of Rs 573.90.
The property fund, led by Dutch firm APG Sparinvest Property Investors, aims to develop mid-income residential projects in the big cities.
The fund will focus primarily on development of mid -income residential projects in Mumbai, Delhi NCR, and Bangalore and may also consider opportunities in Pune and Chennai.
"The platform will enable Godrej Properties to capture outright land purchase transactions in the present dislocated market conditions without deviating from its asset light model and is expected to generate substantial earnings over the next seven years, which will contribute significantly to the company's growth," a company statement said.
Shares of the company had plunged to 52-week low of Rs 519 on the BSE yesterday.