Market News
2 min read | Updated on July 26, 2024, 19:22 IST
SUMMARY
Shares of Sobha Ltd fell over 3% in trade today after a block deal saw 5% equity changing hands. Media reports said the seller was Anamudi Real Estate, a Godrej Group company that owned 10% in Sobha.
Stock list
Sobha falls 3% after Godrej family reportedly sells partial stake via block deal
The stock saw volumes of 65 lakh shares, compared to the 20-day average traded volume of 1.78 lakh.
The stake sale is expected to be valued at around ₹900 crore.
Media reports said the seller was Anamudi Real Estate, wholly owned by the Godrej Group. As per the latest shareholding data, Anamudi held 9.99% stake in the company, a stake that was valued at ₹223 crore when it was purchased in 2020.
Sobha is a Bengaluru-headquartered real estate company. Over the past three years, the company has grown its revenue by an annualised 13.7%. However, over the same period, profits have fallen a negative -27.2%. However, the company’s shares have grown at a compounded 44% over the past three years.
In its most recent quarterly update, Sobha said it had achieved the highest ever sale value of ₹1,465 crore, registering growth of 27.9% year-on-year, aided by geographical diversification and sustained demand.
“In the quarter, we sold 907 homes comprising 1,394,117 square feet of saleable area,” the company said.“Bengaluru contributed 54% to overall sale value with improved price realization, due to product mix gyrating towards the luxury segment.”
After Bengaluru (54%), the National Capital Region contributed the second-highest share of sales (22%).
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