Strategic Stake Acquisition in Chennai's Realty Sector
Siva Group Expands its Portfolio with Arihant Foundations and Housing
In a notable development, the Siva Group, owned by NRI C Sivasankaran, has successfully acquired a significant stake of 13.88% in Arihant Foundations and Housing, a prominent Chennai-based real estate firm. This strategic move was announced on Monday through a notification to the Bombay Stock Exchange (BSE).
Details of the Acquisition
- The stake was acquired through Saravna Enterprises, Siva Projects Engineering and Enterprises, and S Jayalakshmi.
- Prior to this acquisition, the Siva Group held a minor stake of 0.32% in Arihant Foundations and Housing.
Arihant Foundations and Housing at a Glance
- Net Sales: Achieved a notable Rs 158.9 cr. between September 2008 and September 2009.
- Net Profit: Recorded a profit of Rs 2.8 cr. during the same period.
- Surplus: Boasts a substantial surplus of Rs. 138.2 cr.
- Market Standing: Recognized as a leading player in the realty market.
Insights from Arihant's Top Official
- The acquisition by Siva Group is attributed to their treasury operations.
- Despite the promoters holding a considerable 65% stake in Arihant, there is currently no need for dilution.
- This move marks one of Siva Group's recent ventures into the stake market, following their acquisition of a 12% stake in Ruchi Soya Industries a few months ago.