Anamudi Real Estate LLP, wholly owned by the Godrej family, is likely to sell 5% of its 9.9% stake in realty firm Sobha Ltd through block deals, sources privy to the developments told CNBC-TV18.

The deal size is estimated to be around $100 million, with the transaction price expected to be at a 6% discount to the current market price (CMP), said people familiar with the matter

Kotak Securities is the sole banker to block the deal, sources in the know told CNBC-TV18. Following this sale, there will be a 90-day lock-in period, during which Anamudi Real Estate LLP cannot make any further sales of Sobha shares.

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Sobha reported an 86% decline in consolidated net profit to ₹7.02 crore for the quarter ended March 2024 on lower income. Its net profit stood at ₹48.57 crore in the year-ago period.

Total income also fell to ₹791.25 crore in the fourth quarter from ₹1,240.14 crore in the corresponding period of the previous year.

During 2023-24, net profit declined to ₹49.11 crore from ₹104.20 crore in the preceding year. Total income fell to ₹3,217.88 crore from ₹3,402.43 crore in 2022-23.

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Bengaluru-based Sobha Ltd is one of the leading real estate developers in the country. It has a significant presence in South India. Shares of Sobha Ltd ended at ₹1,850.00, up by ₹25.25, or 1.38% on the BSE.