Oberoi Realty shares gain on divesting entire stake in JV company

The share touched a 52-week high of Rs 1,206.00 and a 52-week low of Rs 790.05 on September 11, 2023, and January 27, 2023, respectively.

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Oberoi Realty share price was trading higher in the early trade on October 27 after the company divested its entire shareholding in the joint venture company, Sangam City Township Private Limited.

At 09:26 hrs Oberoi Realty was quoting at Rs 1,077.70, up Rs 7.25, or 0.68 percent on the BSE.

Sangam City Township is a joint venture of Oberoi Realty (ORL), in which the latter held a 31.67 percent stake (comprising of 9,500 equity shares of Rs 10 each, fully paid up).

The share purchase agreement has been executed by the company with Balewadi Techpark Private Limited for the entire stake in the JV for Rs 3,60,00,000.

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A meeting of the board of directors of the company will be held on Friday, October 27, 2023, to consider and approve the unaudited financial results of the company for the quarter ended September 30, 2023.

The board also considers the declaration of an interim dividend for FY23-24 on the equity shares of the company and decides the record date for the purpose of determining the eligibility of the members for receiving the said interim dividend (if declared by the board of directors).

In the second quarter (Q2FY24) the company reported a 17 percent decline in sales bookings to Rs 965 crore.

The share touched a 52-week high of Rs 1,206.00 and a 52-week low of Rs 790.05 on September 11, 2023, and January 27, 2023, respectively.

Currently, the stock is trading 10.64 percent below its 52-week high and 36.41 percent above its 52-week low.