Sobha Developers slips 2% after promoter stake sale

Sobha Developers has slipped 2% to Rs 260, after one of its promoter and chairman of the company, PNC Menon, sold four million equity shares through market sale.

The stock opened at Rs 266.30 and touched low of Rs 257 today on the BSE.

PNC Menon holds 12.7% stake in the mid-cap real estate developer, the company said in a disclosure to the National Stock Exchange.

The company has informed the exchange that "Consequent to the above sale, the promoters of the company continue to hold 60.50% of the equity share capital of the company". The total promoter shareholding in the company was 64.67% at the end of December 2009. Promoters have pledged 10.7 million shares, or 10.91% of the equity capital of the company.

The company is engaged in development and construction projects. The properties include commercial, residential and office properties.