Prestige Estates Acquires Entire Stake In Babji Realtors
Babji Realtors Private Limited ("Target Entity") was incorporated on December 1, 2004 in the State of Hyderabad, Telangana and is the business of real estate development including developing and leasing of shopping mall. The Target Entity is the owner of "FORUM SUJANA MALL" in Hyderabad.
Earlier, Prestige Estates Projects Limited ("PEPL") through its wholly owned subsidiary Prestige Retail Ventures Limited ("PRVL") owned 49% stake in the equity shares of the Target Entity and the remaining 51% was held by the various JV partners/ shareholders.
PRVL has now acquired the entire stake of other shareholders. In view of this acquisition, the Target Entity has become the indirect wholly owned subsidiary of PEPL.
The transaction is in the ordinary course of business and has been completed at an arms' length basis for a cash consideration of Rs. 363.98 crores.