Godrej Properties has acquired 100% issued and paid-up share capital of Yerwada Developers (YDPL) from Godrej Investment Advisors, a promoter group company. With this, YDPL has become wholly-owned subsidiary of the company with effect from December 09, 2021, the company said in a BSE filing.
The paid-up capital of YDPL is Rs 1 lakh while the turnover is nil. 10,000 equity shares of Rs 10 each, representing 100% paid-up equity share capital of YDPL are acquired.
The company will subsequently hold 20% in YDPL, the balance to be held by a real estate focused investment fund of Godrej Group.
Acquisition is done in accordance with the Share Purchase Agreement entered into with the shareholders of YDPL.
Godrej Properties along with other investors intend to construct and develop a real estate commercial project on the land to be acquired by YDPL, it said in the regulatory filing.
YDPL, incorporated on November 18, 2021, is primarily engaged in the business of construction, development and sale of commercial project.