Godrej Properties gains after creating real estate funds management business in India & Singapore

Godrej Properties gained 2.09% to Rs 287.90 at 12:20 IST on BSE after the company announced that it has created a dedicated real estate funds management business in India and Singapore viz. Godrej Fund Management.

The announcement was made before market hours today, 21 March 2016.

Meanwhile, the BSE Sensex was up 161.14 points, or 0.65%, to 25,118.43.

On BSE, so far 31,599 shares were traded in the counter, compared with an average volume of 40,974 shares in the past one quarter. The stock hit a high of Rs 290.70 and a low of Rs 282.40 so far during the day. The stock hit a 52-week high of Rs 374.50 on 20 October 2015. The stock hit a 52-week low of Rs 231.55 on 30 April 2015. The stock had underperformed the market over the past one month till 18 March 2016, falling 1.12% compared with 5.51% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 13.92% as against Sensex's 2.22% fall.

The mid-cap company has an equity capital of Rs 99.76 crore. Face value per share is Rs 5.

Godrej Properties (GPL) said that Godrej Fund Management (GFM) has raised a $275 million or Rs 1900 crore pool of capital, Godrej Residential Investment Program II (GRIP II) with Dutch pension fund asset manager APG Asset Management N.V. (APG) as the lead investor. GFM will advise GRIP II investors on investments into a residential development platform with GPL in India, Godrej Properties said. GRIP II is a follow on to the $200 million residential development platform GPL had set up with an APG lead investor consortium in 2012. GPL will hold a 20% stake in GRIP II. Karan Bolaria has been appointed as head of GFM and will be responsible for managing both series of the residential investment programs as well as any future srategies that GFM will undertake.

On a consolidated basis, Godrej Properties' net profit rose 10.1% to Rs 51.99 crore on 17.5% drop in net sales to Rs 388.55 crore in Q3 December 2015 over Q3 December 2014.

Godrej Properties is a real estate company.

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