Puravankara Sells Wholly Owned Subsidiary Purva Ruby Properties for ₹145 Cr

Puravankara Ltd announced the sale and transfer of its entire 100% paid-up equity shareholding in its wholly-owned subsidiary, Purva Ruby Properties Private Limited, to Prishal Office Parks III Private Limited. The transaction is valued at ₹145 crore. Purva Ruby Properties contributed 1.06% to Puravankara's turnover in the last financial year, with a negative net worth. The Share Purchase Agreement is expected to be executed within 45 days of the board approval. Upon completion, Purva Ruby Properties will cease to be a subsidiary of Puravankara Ltd. The buyer, Prishal Office Parks III Private Limited, is managed by ICICI Prudential Asset Management Company Limited.