Prozone to Divest Material Subsidiaries, Acquire Stake in GPDPL
Prozone Realty Limited's Board of Directors has approved a significant corporate restructuring. This includes hiving off land assets from Alliance Mall Developers Co. Pvt. Ltd. and Empire Mall Private Limited into new wholly-owned SPVs (Prozone Horizons Private Limited and Hagwood Commercial Developers Private Limited) to facilitate the proposed disinvestment. The company will then sell its 100% equity in Kruti Developers Private Limited, its 51.95% stake in Alliance Mall Developers Co. Pvt. Ltd. (along with Kruti's holding), and its 34.71% stake in Empire Mall Private Limited (along with Kruti's holding) to Inorbit Malls (India) Private Limited or its affiliates. Additionally, Prozone Realty will acquire a 17.507% stake in Gajaanan Property Developers Private Limited. These actions require shareholder approval via a postal ballot.
Key Highlights
- Prozone Realty to divest material subsidiaries Kruti, Alliance, and Empire.
- Land assets of Alliance and Empire to be hived off into new SPVs.
- Subsidiaries to be sold to Inorbit Malls (India) Private Limited or its affiliates.
- Company to acquire 17.507% stake in Gajaanan Property Developers.
- Shareholder approval via postal ballot is required for these transactions.