Prozone Realty Limited has informed the Exchange about Acquisition
PROZONER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Prozone Realty's Board approved three major transactions: (1) Internal hiving off of land assets from Alliance and Empire into separate SPVs (PHPL and HCDPL) for Rs.57 Crores, facilitating the proposed disinvestment; (2) Sale of three material subsidiaries (Kruti, Alliance, Empire) to Inorbit Malls (India) for aggregate consideration of Rs.1,242.50 Crores - these subsidiaries contributed approximately 68% of the company's FY25 turnover; (3) Acquisition of 17.507% stake in Gajaanan Property Developers for Rs.24 Crores cash to expand presence in high-income yielding real estate assets. All transactions require shareholder approval via Postal Ballot and are expected to complete within 90-180 days.
The sale of subsidiaries generating ~68% of turnover signals a major strategic restructuring. The Rs.1,242.50 Crores deal with Inorbit Malls is a significant cash inflow. The small 17.5% acquisition appears to be a stepping stone to gradually increase stake in GPDPL for future development potential.