Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015
Awaiting price reaction for this filing.
Authum Investment & Infrastructure Limited (AIIL) has emerged as the Successful Resolution Applicant for acquiring Vas Infrastructure Limited (VIL), a BSE-listed real estate company, through the Corporate Insolvency Resolution Process. The Resolution Professional issued a Letter of Intent on April 1, 2025, which AIIL has accepted. The total Resolution Plan value is approximately Rs. 86.04 crore, granting AIIL 94.99% shareholding in VIL post-implementation and capital reduction. VIL, incorporated in 1994, operates in redevelopment of old buildings in Mumbai suburbs but had negligible turnover of Rs. (0.42) crore in FY24, Rs. 1.62 crore in FY23, and Rs. 0.21 crore in FY22. The transaction is not a related-party deal. Implementation is expected within 60 days of NCLT Mumbai approval, which is still pending.
This move gives AIIL a listed real estate platform at an insolvency-discounted price, but VIL has almost no operating business—value lies in underlying Mumbai assets and lease rentals. The deal remains subject to NCLT approval, so execution and timing risks persist for shareholders.