Prozone Realty Board Approves Divestment of Subsidiaries & GPDPL Stake

Prozone Realty Ltd's Board of Directors approved several key corporate actions. This includes the hiving off of land assets from Alliance Mall Developers Co. Pvt. Ltd. and Empire Mall Private Limited into new wholly-owned special purpose vehicles (SPVs), Prozone Horizons Private Limited and Hagwood Commercial Developers Private Limited, respectively. This restructuring aims to facilitate the proposed disinvestment of identified material subsidiaries. The company plans to sell 100% equity in Kruti Developers Private Limited, along with its stakes in Alliance Mall Developers and Empire Mall Private Limited, to Inorbit Malls (India) Private Limited or its affiliates. The estimated consideration for the divestment of Alliance and Empire is approximately ₹44 Crores. Additionally, the Board approved the acquisition of a 17.507% stake in Gajaanan Property Developers Private Limited. Shareholder approval for the divestment and asset hiving off will be sought through a postal ballot.