SIII Indian Investments Sells 60 Lakh Oberoi Realty Shares for Rs 138 Crore

SIII Indian Investments Two on Thursday offloaded 60 lakh shares in Oberoi Realty for an estimated amount of Rs 138.37 crore through open market.

The shares, representing a 1.82 per cent stake of SSIII Indian Investments in Oberoi Realty, were sold for an average price of Rs 230.61 apiece, bulk deal information available with BSE showed.

In a separate transaction, foreign fund house Morgan Stanley Asia (Singapore) picked up 38.71 lakh shares in the real-estate firm for Rs 89.04 crore.

At the end of quarter-ended March 2014, SSIII Indian Investments 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 a 47 per cent fall in its consolidated net profit at Rs 77.03 crore for the fourth quarter that ended in 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 in Oberoi Realty fell by a marginal 0.30 per cent to end at Rs 245.70 apiece on the BSE on Thursday.