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Global financial institutions Goldman Sachs and Morgan Stanley have jointly acquired a 4.9% stake in Mumbai-based Sunteck Realty through open market transactions valued at about INR 268 crore. The shares were sold by CLSA Global Markets, which exited its entire holding in the company. Goldman Sachs Bank Europe SE and Morgan Stanley Asia (Singapore) Pte picked up nearly equal portions at an average price of around INR 375 per share. The transaction highlights continued institutional interest in listed Indian real estate developers.
Goldman Sachs and Morgan Stanley have together purchased a 4.9% equity stake in Sunteck Realty through open market transactions, with the deal size amounting to approximately INR 268 crore. The acquisition was executed through their overseas entities and involved the purchase of shares previously held by CLSA Global Markets. Advertisement
Goldman Sachs Bank Europe SE acquired around 36.52 lakh shares, translating into a 2.5% stake in the Mumbai-based developer. Morgan Stanley Asia (Singapore) Pte bought close to 35.09 lakh shares, representing a 2.4% holding. Both transactions were carried out at an average price of about INR 375.1 per share.
CLSA Global Markets, which held a little over 5% in Sunteck Realty at the end of the last reported quarter, fully exited its investment through this sale. The transaction resulted in a marginal uptick in Sunteck Realty's share price on the BSE during the trading session, reflecting positive market response to the entry of long-term institutional investors.
Sunteck Realty has a presence across residential, commercial, and mixed-use developments, primarily in the Mumbai Metropolitan Region. The company has, over the past few years, focused on reducing leverage, monetising non-core assets, and improving cash flows. The entry of global funds comes at a time when listed real estate developers have been witnessing increased interest amid stronger balance sheets and stable sales momentum.
The deal also coincided with heightened activity in the bulk and block deal segment, with several global institutions reshuffling their holdings across Indian financial and real estate stocks during the same period.
Source PTI
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