Shriram Properties soars over 7% after Omega offloads additional stake

Omega TC Sabre Holdings Pte Limited sold 2.29 percent stake, or 39 lakh shares, via open market transaction for Rs 30.59 crore at an average price of Rs 78.44 a share

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Shares of Shriram Properties spurted over 7 percent in the morning trade on August 23 after foreign firm Omega TC Sabre Holdings Pte Limited sold further 2.29 percent stake, or 39 lakh shares, in the real estate developer.

At 10 am, Shriram Properties was trading 7.66 percent up at Rs 86 on the BSE.

Omega TC Sabre Holdings Pte Limited sold the shares through the open market at an average price of Rs 78.44 a share, amounting to Rs 30.59 crore, bulk deal data shows.

In the previous session, Omega had sold 18 lakh shares or 1.06 percent stake.

Omega has, so far, sold a 3.35 percent stake against a 9.39 percent held on June 30, 2023.

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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 up 13 percent this year.

Bengaluru-based Shriram Properties’ net profit grew 59 percent year-on-year (YoY) to Rs 16 crore in the April-to-June quarter. Total revenue increased 8 percent YoY to Rs 157 crore in the April-to-June quarter.

Revenue grew on continued registration momentum in completed projects in Southern Crest, Temple Bell, and Shriram One City, the company said.

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

Shriram Properties had on August 16 said it was gearing up to launch 5.7 million square feet (MSF) of saleable area this fiscal.

In an interview to CNBC-TV18, Shriram Properties executive director and group chief financial officer Gopal Krishnan projected a positive impact on sales volumes from the upcoming launches.

Shriram Properties is a real estate developer with a primary focus on mid-income housing projects, predominantly concentrated in the southern regions of India.

The company 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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