Realty firm Godrej Properties buys 49% stake in its arm Happy Highrises

New Delhi: Realty firm Godrej Properties has acquired 49 per cent stake in its subsidiary Happy Highrises from Karelides Traders for Rs 248.50 crore.

Godrej Properties earlier had 51 percent stake in Happy Highrises.

Post the acquisition, it has increased its shareholding to 100 percent by acquiring the remaining 49 per cent stake.

In a BSE filing, Godrej Properties said "the company has purchased 99,528 equity shares of Rs 10 each of Happy Highrises Ltd, a subsidiary of the company, from Karelides Traders Pvt Ltd. Consequently, Happy Highrises Ltd has become a wholly-owned subsidiary of the company."

Karelides Traders was a strategic investor in Happy Highrises, which is developing a real estate project in Kolkata.

The cost of the acquisition of shares is Rs 248.50 crore, the filing added.

Godrej Properties is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.