Mahindra Lifespace Developers to Transfer Residential Project to Subsidiary for Rs. 100 Crores

Mahindra Lifespace Developers Ltd. has proposed to transfer a residential real estate development project in Bengaluru, known as the 'Alembic Undertaking', to its subsidiary, Mahindra Blossom Developers Limited (MBLDL), for a slump sale consideration not exceeding Rs. 100 crores. The transaction also involves the execution of a Shareholders Agreement, Investment Agreement, and other related documents amongst the Company, Mitsui Fudosan (Asia) Pte. Limited (MFA), and MBLDL. The Company will transfer 49% equity stake held in MBLDL to MFA, and both the Company and MFA will subscribe to the rights issue of equity shares of MBLDL in the ratio of 51:49, respectively. The transaction is subject to necessary approvals and customary condition precedents.