Hemisphere Properties India Limited has informed the Exchange regarding Notice of Postal Ballot
HEMIPROP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Hemisphere Properties India Limited is seeking shareholder approval via postal ballot for sale of its land parcel at Bopkhel, Pune (3,54,600 sq.mtrs) to HyperVault AI Data Center Limited for ₹640.50 crores. The transaction qualifies as a Material Related Party Transaction as it represents 99% of the company's annual consolidated turnover, exceeding SEBI's 10% threshold. HyperVault AI Data Center is considered a related party because Tata Sons Private Limited (holding 16.42% in HPIL) holds 71.74% in TCS which owns 51% of HyperVault. The sale was conducted through a transparent e-auction process with a reserve price of ₹600 crore, where HyperVault emerged as the highest bidder. Payment terms include 25% within 120 days and balance 75% within 300 days. Remote e-voting runs from May 31, 2026 to June 29, 2026.
The transaction, if approved, will generate substantial cash inflows (₹640.50 crore) for the company and is expected to facilitate monetization of assets. However, shareholders should note this is a related party transaction involving the Tata group, representing nearly 100% of annual turnover, requiring careful evaluation of the fairness and transparency of the auction process.