GEDPL, GSVPPL becomes wholly owned subsidiary of Godrej Properties

01 Jul 2013

Godrej Estate Developers (GEDPL) and Godrej Sea View Properties (GSVPPL) have become the wholly owned subsidiaries of Godrej Properties with effect from June 28, 2013 and July 01, 2013, respectively. Pursuant to terms of the agreement with HDFC Asset Management Company acting in its capacity as portfolio manager of its product called HDFC PMS for the project Godrej Eternia at Chandigarh, the company has given exit to HDFC PMS by purchasing its 49% stake in the equity share capital of its subsidiary GEDPL by exercising the company’s buy out option under the agreement.

Similarly in terms of the agreement with HDFC Asset Management Company acting in its capacity as portfolio manager of its product called HDFC PMS for the project Godrej Palm Grove at Chennai, the company has given exit to HDFC PMS by purchasing its 49% stake in the equity share capital of its subsidiary GSVPPL by exercising the company’s buy out option under the agreement.

Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.

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