Arvind Smartspaces Shares Jump 13% After Pirojsha Godrej Buys Stake in Block Deal
Stock Surges After ₹41 Crore Block Transaction
Shares of Arvind Smartspaces Ltd. climbed more than 13 percent on Tuesday, March 10, after Pirojsha Adi Godrej purchased 8.2 million shares of the company through a block deal.The transaction was executed at an average price of ₹498 per share, taking the total deal value to approximately ₹41 crore. The acquired shares represent around 1.7 percent of the company’s total outstanding equity, according to exchange data.
Following the development, the stock surged in early trade, reflecting positive investor sentiment around the transaction.
HDFC Capital Fund Exits Partial Stake
Data from the stock exchanges showed that HDFC Capital Affordable Real Estate Fund I was the seller in the block deal.At the end of the December quarter, the HDFC Capital Fund held 8.8 percent stake in Arvind Smartspaces. Meanwhile, Pirojsha Godrej did not previously hold any stake in the company, according to shareholding data.
Company Maintains Booking Growth Guidance
Last month, Arvind Smartspaces reaffirmed its annual booking growth guidance, even though sales growth remained slower during the first nine months of the current financial year.The company expects business momentum to improve as multiple project launches are scheduled for the fourth quarter.
Vice Chairman Kulin Lalbhai stated that sales velocity in the real estate sector is closely linked to project launches, indicating that upcoming launches could support stronger booking performance.
He added that the company continues to target annual booking growth of 25 percent to 30 percent compared with the previous year.
Stock Performance
As of around 9:50 a.m. on Tuesday, shares of Arvind Smartspaces were trading 13.7 percent higher at ₹570 apiece.Despite the sharp intraday rally, the stock has declined about 5.6 percent over the past month, highlighting recent volatility in its price movement.
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