Mumbai: Puravankara Limited announced on Friday that its Board of Directors approved the sale and transfer of its entire (100%) paid-up equity shareholding in Purva Ruby Properties Private Limited, a wholly owned subsidiary (WOS), for a valuation of Rs 145 crore.
Buyer Details
Prishal Office Parks III Private Limited will acquire the subsidiary. This company is owned by ICICI Prudential Office Yield Optimiser Fund – AIF II (OYOF-II), a Category II Alternative Investment Fund managed by ICICI Prudential Asset Management Company Limited.
Subsidiary Status Change
Upon completion of the sale, Purva Ruby Properties Private Limited will cease to be a wholly owned subsidiary of Puravankara Limited. The buyer is not part of the promoter or promoter group of Puravankara.
Transaction Timeline
Puravankara is currently finalising and executing a Share Purchase Agreement (SPA) for the transaction. The company expects the SPA to be executed within 45 days from the date of Board approval, with an intimation to stock exchanges upon execution.
Financial Contribution
Purva Ruby Properties Private Limited contributed 1.06% to Puravankara's turnover in the last financial year, with a turnover of Rs 25.38 crore against Puravankara's consolidated turnover of Rs 2399.01 crore.
The net worth of Purva Ruby Properties Private Limited is negative, resulting in a nil contribution to the parent company's net worth.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
