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

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

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

Piramal has acquired over 20.65 lakh shares or 3.5 percent 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.

Also Read: Yash Birla Group sells Mumbai property for Rs 250 crore

It may be recalled that Piramal recently picked up 20 percent 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 percent

Sunteck Realty stock price

On March 20, 2014, at 14:10 hrs Sunteck Realty was quoting at Rs 260.55, down Rs 17.8, or 6.39 percent. The 52-week high of the share was Rs 465.00 and the 52-week low was Rs 221.25.

The company's trailing 12-month (TTM) EPS was at Rs 1.98 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 131.59. The latest book value of the company is Rs 59.02 per share. At current value, the price-to-book value of the company is 4.41.

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