Shriram Properties trades flat after Omega TC sells 10.8% stake

Omega TC Sabre Holdings has sold its 10.8 percent stake in the real estate developer for Rs 75.43 apiece

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Shriram Properties shares were flat at Rs 75.45 on August 22 morning, a day after Omega TC Sabre Holdings sold 18 lakh shares in the real estate firm.

Omega TC sold its 10.8 percent stake in the real estate developer for Rs 75.43 apiece in a bulk trade deal on the National Stock Exchange.

Earlier this week, 91 lakh Shriram Properties shares changes hands on the exchanges, which was three times the company’s monthly traded average. The stock is down 6 percent in the last one year.

Shriram Properties’ net profit grew 59 percent year-on-year (YoY) to Rs 16 crore in the April-to-June quarter. Total revenues increased 8 percent YoY to Rs 157 crore in the April-to-June quarter. Revenues increased due to continued registration momentum in completed projects in Southern Crest, Temple Bell, and Shriram One City, the company said.

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The management expects a 20 percent sales CAGR over the next three years. The real estate developer has lined up 11-12 projects for FY24.

Shriram Properties was listed on the exchanges at a 20 percent discount to the issue price of Rs 118, on December 20, 2021.

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