Hubtown Ltd Shareholders Approve Merger of Two Subsidiaries

Hubtown Limited has announced the successful approval of its equity shareholders and unsecured creditors for two Schemes of Arrangement involving the merger of Saicharan Consultancy Private Limited (SCPL) and 25 West Realty Private Limited with Hubtown. The merger with SCPL aims to consolidate Hubtown's 21.17% ownership in its subsidiary Rare Townships Private Limited (RTPL), which is developing the 'Rising City' project in Ghatkopar. Shareholders of SCPL will receive 648 Hubtown shares for every 1 SCPL share. The merger with 25 West Realty, developing the '25 West' project in Bandra, will see 25 West shareholders receive 42 Hubtown shares for every 1 share held. These mergers are strategic initiatives to consolidate business operations, enhance ownership in key real estate projects, improve operational efficiencies, and strengthen the company's revenue base and profitability. The schemes are subject to final sanction from the National Company Law Tribunal (NCLT) and other regulatory approvals.