The shares of one of the leading residential real estate development companies in South India slipped 4 percent in the day’s trade after US Based private equity firm TPG Asia SF V Pte Ltd took a clean exit from the company by selling its entire 9.86 percent stake in the company for Rs. 190 Crores
At 12:15 a.m the shares of Shriram Properties Limited were trading at Rs. 124.50, down 2.31 percent from its previous day’s close price of Rs. 127.45 and its market capitalization is Rs. 2,113 Crores.
As per the NSE bulk deals, On December 5, 2023, US Based private equity firm TPG Asia SF V Pte Ltd took a clean exit from the company by selling its entire 9.86 percent stake consisting of 1,67,56,351 equity shares in it at an average price of Rs. 113, which has a total worth of Rs. 190 Crores.
In FY23, Shriram Properties generated 56.79 percent of its revenue from selling constructed/developed properties and 43.20 percent from the development management fees and administrative income. As of Q2FY24, it has a strong project pipeline of 42 projects.
As of H1FY24, Shriram Properties generated 73 percent of its sales from Apartments, 17 percent from plots, and 10 percent from others, and as per region it has generated 65 percent of its sales from Bangalore, 25 percent from Chennai and 9 percent from Kolkata.
In FY24 it launched 3 projects named Shriram Esquire, Shriram Hebbal 1 and Shriram Paradiso followed by these launches it is going to launch 3 more projects in Q3FY24 named Shriram 122 West, Shriram Royal Court, and Adde Vishwanathapura.
The company’s revenue from operations grew 55.79 percent from Rs. 432.88 Crores in FY22 to Rs. 674.4 Crores in FY23, accompanied by increasing profits of Rs. 9.78 Crores to Rs. 65.97 Crores.
Shriram Properties Limited is part of the Shriram Group, which is one of the leading residential real estate development companies in South India primarily focused on the mid-market and affordable housing categories. It has operations in Bengaluru, Chennai, Coimbatore and Vishakapatnam.
Written by: Bharath K.S
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