New Delhi, Oct 6: On Monday, Oct 6 apparel brand Provogue India Ltd said it will sell its 3.36 per cent stake in real estate arm 'Prozone Enterprises Pvt Ltd' to the UK-based LTG International Ltd for Rs 56.97 crore. Prozone is a joint venture between Provogue and Liberty International, and LTG is founded by Lewis Trust Group of UK.
The Mumbai-based retail company had already sold 27 per cent stake in Prozone to Triangle India Real Estate Fund in April for Rs 457 crore. The Rs 336.8-crore company recently announced a Rs 90-crore expansion plan, to be funded through internal accruals and a preferential offer made earlier.
It registered a net profit of Rs six crore in the quarter ended June 2008.