Justo Realfintech transfers real estate business & key personnel to subsidiary
Justo Realfintech Ltd's Board approved the transfer of its premium real estate projects branding, sales, and marketing business as a going concern to Chestertons India Private Limited, a wholly-owned subsidiary. This transfer includes certain assets, liabilities, and employees, effective immediately. Senior Managerial Personnel, Mr. Satya Mahaptra and Mr. Praveen Apte, will also be transferred to the subsidiary. The transferred business unit represents 17.43% of the company's net worth (₹914.78 lakhs against ₹5247.03 lakhs as of March 31, 2025). The transaction, considered a related party transaction at arm's length, will be completed within one month via an assignment deed. Consideration will be discharged through Optionally Convertible Preference Shares (OCPS) by Chestertons India Private Limited to Justo Realfintech.
Key Highlights
- Justo Realfintech transfers real estate business to its wholly-owned subsidiary.
- Key managerial personnel, Satya Mahaptra and Praveen Apte, are transferred.
- The transferred unit accounts for 17.43% of the company's net worth.
- Transaction is a related party deal, consideration via OCPS from subsidiary.
- Expected completion within one month via an assignment deed.