GPL subsidiary's share capital reduction approved by NCLT

Godrej Properties Limited (GPL) announced that the National Company Law Tribunal (NCLT), Mumbai Bench, has approved the selective reduction of equity share capital of its step-down subsidiary, Godrej Redevelopers (Mumbai) Private Limited (GRMPL). This involves cancelling and extinguishing 47.32% equity stake held by Shubh Properties Coöperatief U.A. without consideration. The shareholding of GPL's wholly owned subsidiary, Godrej Projects Development Limited (GPDL), in GRMPL will increase from 51% to 96.81% upon completion of the filing process with the Registrar of Companies (RoC). GRMPL's paid-up equity share capital will be reduced to ₹2,95,080.