Realty firm Godrej Properties today said the company has raised Rs 45 crore by

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selling 49 per cent stake in its arm to private equity firm Sun Apollo.

The subsidiary 'Godrej Premium Builders' is developing a project in Gurgaon.

"Through this agreement, Godrej Properties has sold 49 per cent stake in its subsidiary Godrej Premium Builders," the company said in a statement.

"Sun Apollo has invested Rs 45 crore out of which Rs 18.3 crore has been paid to Godrej Properties for sale of stake and Rs 26.7 crore has been invested in Godrej Premium Builders," it added.

At present, Godrej Properties is developing many projects in 12 cities across the country.

Commenting on the development, company's Executive Director Pirojsha Godrej said: "This fits well with Godrej Properties Ltd's strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions".