MACROTECH DEVELOPERS ENTERS INTO AGREEMENT TO ACQUIRE 50% STAKE IN SIDDHIVINAYAK REALTIES

Macrotech Developers Ltd., also known as Lodha, announced that it has entered into a share purchase agreement with Siddhivinayak Realties Private Limited to acquire a 50 per cent stake in the company. “We hereby inform of the acquisition of 50% of the paid-up equity capital and; other securities / instruments of Siddhivinayak Realties Private Limited under a Share Purchase Agreement (SPA),” the company said in a regulatory filing. 

The total consideration for the acquisition of the shares is Rs 250 crore and this will be in the form of transfer of funds through banking channels. The acquisition is through a wholly owned subsidiary of the company and does not fall under related party transactions and the promoter/ promoter group/ group companies do not have any interest in SRPL, it stated. 

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Per the details shared by the company, the acquisition will be completed within a week. 

Incorporated on May 24, 2001, SRPL, is in the business of real estate development and related activities. The company’s net worth is Rs 838,871,797 as on 31st March, 2023. The total turnover for the last 3 years is NIL as there are no business operations conducted by SRPL. 

Macrotech Developers has recently raised Rs 3,300 crore through a QIP with existing shareholders like Capital Group, GQG, Nomura, Abu Dhabi Investment Authority being allotted shares. Invesco Oppenheimer, Blackrock, Franklin Templeton and others were also allotted shares in the issue.

2024-03-29T06:19:57Z dg43tfdfdgfd