Acquisition of shares of Pelican Realty Ventures Private Limited by the virtue of Scheme of Arrangement.
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Nimbus Projects Ltd has acquired a 99.80% stake in Pelican Realty Ventures Private Limited, making it a subsidiary of the company. The acquisition happened indirectly through an NCLT-approved Scheme of Arrangement that amalgamated 9 transferor companies (including Padma Estates Pvt Ltd, which held the 99.80% stake in Pelican) into Nimbus Projects. Pelican Realty Ventures operates in the real estate sector with a paid-up capital of Rs. 50 lakh and turnover of Rs. 1.31 crore for FY24 (up from Rs. 60.57 lakh in FY23). The consideration is through issuance of equity shares to the shareholders of Padma Estates as per the share exchange ratio in the scheme — no cash outflow. The transaction is a related party deal, as promoters had existing interest in Pelican, and is carried out on an arm's length basis.
Pelican Realty Ventures has become a subsidiary of Nimbus Projects, expanding its real estate footprint. Since the deal is share-swap based (no cash outflow) and Pelican is small relative to the listed entity, short-term impact on share price is likely limited, but it consolidates the group's real estate holdings under the listed entity.