Prozone Realty to divest subsidiaries, acquire 17.5% stake in GPDPL
Prozone Realty Limited's Board of Directors approved a series of strategic corporate actions. These include the hiving off of 'Land Assets' from Alliance Mall Developers Co. Pvt. Ltd. and Empire Mall Private Limited into wholly-owned SPVs (Prozone Horizons Private Limited and Hagwood Commercial Developers Private Limited) to facilitate the proposed disinvestment. The company will sell its 100% equity in Kruti Developers Private Limited, 51.95% in Alliance Mall Developers Co. Pvt. Ltd., and 34.71% in Empire Mall Private Limited to Inorbit Malls (India) Private Limited or its affiliates. Additionally, Prozone Realty will acquire a 17.507% stake in Gajaanan Property Developers Private Limited from Festival Valley Developers Private Limited. A postal ballot will be conducted to seek shareholder approval for the sale of identified material subsidiaries and the hiving off of assets. The estimated consideration for the divestment of Alliance and Empire is approximately ₹44 Crores.
Key Highlights
- Board approved hiving off land assets from Alliance and Empire into new SPVs.
- Company to divest 100% Kruti, 51.95% Alliance, and 34.71% Empire to Inorbit Malls or affiliates.
- Prozone Realty will acquire a 17.507% stake in Gajaanan Property Developers Private Limited.
- Shareholder approval via postal ballot is required for the divestment and asset hiving off.
- Estimated consideration for Alliance and Empire divestment is approximately ₹44 Crores.
Price Impact
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