MUMBAI (Reuters) - Realtor Sobha Developers Ltd said on Tuesday it sold stake in projects in Bangalore and other cities for a total consideration of 2.25 billion rupees from Bangalore-based Purna Partners.
The firm entered into a term sheet with Purna Partners and has received 250 million rupees from the investor on Tuesday.
Sobha Developers is identifying certain land parcels in Bangalore and other cities for residential, commercial and mixed development projects via a special purpose vehicle (SPV).
Sobha Developers will be the shareholder along with Purna Partners in the SPV and will also execute the projects as the principal contractor.
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