Two U.S.-based real estate private equity (PE) firms Walton Street Capital and Starwood Capital have exited Shriram Properties Ltd. (SPL) by selling 14.27% stake through a bulk deal on the NSE for Rs 134 crore.
“We see the current deal as a very good outcome for long term value creation, and welcome our new investors, given the current market situation,” CMD M. Murali said during an interaction. “We are doing good business. SPL will consistently focus on its core business and stated objective of improving scale, profitability and returns.”
SPL sees the development as a welcome move, as it removes a significant part of liquidity overhang. Besides, SPL also believed that the stock was significantly undervalued, largely due to this PE stock overhang and the market will recognise this in coming days, it said in a statement.