The Executive Committee of the board of directors of Paul Merchants Limited at its meeting has considered and approved the proposal of submission of Expression of Interest for submitting resolution plan for PUMA Realtors Private Limited (PRPL) to acquire 51% equity shareholding in the company, which is under Corporate Insolvency Resolution process.

The main activity of PRPL is to carry on the business of real estate, infrastructure projects as promoters, developers and builders etc.

The proposed Acquisition is expected to give good returns on investment as the acquisition of shares in the target entity will be done only at a price which will be competitive.

No shares have been acquired at this stage. However it is proposed to acquire 51% stake in the target entity if the bid of the Company is successful. The Bid for proposed acquisition will be submitted along with two other Bidders, who propose to acquire balance 49% stake. However, this proposed shareholding pattern may also undergo change as per the circumstances.

PRPL was incorporated on 3rd Oct 2005 to carry on the business of real estate, infrastructure projects as promoters, developers and builders etc. PRPL came up with the project for the development of Residential Township Project in SAS Nagar Mohali. Total land under ownership of PRPL for which CLU is obtained is 132.91 acres. PRPL is under the corporate insolvency process as per order dated 17th Oct 2018 passed by the National Company Law Tribunal, Principal Bench, New Delhi.