Piramal buys 3.5% stake in Sunteck Realty for about Rs 65 cr

Ajay Piramal-led Akshar Fincom has picked up a 3.5 per cent stake in Sunteck Realty for around Rs 65 crore, according to industry sources.

Piramal has acquired over 20.65 lakh shares or 3.5 per cent stake in the company for around Rs 65 crore, sources said.

“This is one of the biggest deal for Sunteck Realty,” an industry expert said.

It may be recalled that Piramal recently picked up 20 per cent stake in Shriram Capital for Rs 1,900 crore.

Sunteck Realty has around 28 million square feet of area under development with most either completed or under various stages of completion.

The BSE-listed firm has projects across segments, including residential and commercial, with most of them in Mumbai, besides projects in Goa, Nagpur and Jaipur.

Currently the promoter shareholding in the company is 73.49 per cent.

Sunteck Realty’s scrip closed at Rs 278.35 on the BSE.