M Murali, chairperson and promoter of Shriram Properties Ltd., received approval from the Securities and Exchange Board of India for acquisition of approximately 13.4 lakh equity shares of Shriram Properties Holdings Pvt., according to an exchange filing on Tuesday.
The managing director will acquire the shares from Shriram Group Executive Welfare Trust, another promoter of the property firm. SPHPL is also a promoter with a 27.72% stake in the company as of September, according to stock exchange data.
Murali has acquired approximately 5.32 lakh shares of SPHPL from SGEWT pursuant to the SEBI order. After this transaction, Murali now holds approximately 9.16 lakh shares, representing a 48.47% of equity in SPHPL, implying indirect holdings of 13.44% in Shriram Properties, according to the filing.
As of September, Murali initially held a 0.08% stake in SGEWT Shriram Group Executive Welfare Trust and 0.14% stake in Shriram Properties.
"This inter-se promoter transfer, implying indirect acquisition of shares in SPL, can be done in one or more tranches within a period of one year from the date of the SEBI order," the filing said. "The remaining shares of SPHPL held by SGEWT is likely to be acquired by Murali in one or more tranches within the period of one year, as permitted under the SEBI Order."
The transactions will not result in any change in the aggregate promoter holdings in Shriram Properties. Murali, SGEWT and SPHPL will remain promoters of the company. The acquisition will not have any impact on the business or control over the company, it said.
Shares of Shriram Properties closed 2.93% higher at Rs 115.75 apiece on the National Stock Exchange, compared to a 0.4% decline in the benchmark Nifty. The stock has fallen 5.39% on a year-to-date basis.
An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 41.7%.
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