SSIII Indian Investments sells 60 lakh Oberoi Realty shares

SSIII Indian Investments Two today offloaded 60 lakh shares of Oberoi Realty for an estimated amount of Rs 138.37 crore through the open market route.
The 60 lakh 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 of 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 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.