Acquisitions12 Aug 2024, 10:17 pm
OBEROI REALTY LTD Acquires Nirmal Lifestyle Realty Private Limited for Rs. 273 Crore
AI Summary
OBEROI REALTY LTD has received approval from the Hon’ble National Company Law Tribunal, Mumbai bench, to acquire Nirmal Lifestyle Realty Private Limited (NLRPL) under the Corporate Insolvency Resolution Process (CIRP). The acquisition involves payment of Rs. 273 Crore to various creditors in full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date. The Company will also subscribe to 100% equity share capital of NLRPL for Rs. 100,000, making it a wholly owned subsidiary. The acquisition does not fall within related party transaction and none of the Company’s promoter/promoter group/group companies have any interest in NLRPL.
Key Highlights
- OBEROI REALTY LTD acquires Nirmal Lifestyle Realty Private Limited for Rs. 273 Crore.
- The acquisition involves payment of Rs. 273 Crore to various creditors in full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date.
- The Company will subscribe to 100% equity share capital of NLRPL for Rs. 100,000, making it a wholly owned subsidiary.
- The acquisition does not fall within related party transaction.
- None of the Company’s promoter/promoter group/group companies have any interest in NLRPL.