Prozone Realty Limited has informed the Exchange regarding Outcome of Board Meeting held on April 28, 2026.
PROZONER · price
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Prozone Realty's board approved three major actions on April 28, 2026. First, it will hive off land assets in Coimbatore and Chhatrapati Sambhaji Nagar (held by Alliance Mall Developers and Empire Mall) into two wholly owned SPVs (Prozone Horizons and Hagwood Commercial Developers) worth roughly Rs. 44 Crores and Rs. 13 Crores respectively. Second, it will sell its entire stake in three material subsidiaries — Kruti Developers (100%), Alliance Mall Developers (~100% effective), and Empire Mall (~100% effective) — to Inorbit Malls (India) for an aggregate gross consideration of approximately Rs. 1,242.50 Crores. Together, these subsidiaries contributed about 68% of the company's turnover and 54% of its net worth in FY25. Third, the company will acquire a 17.507% stake in Gajaanan Property Developers Pvt Ltd (GPDPL) for about Rs. 24 Crores in cash to expand into high-income yielding real estate assets. A postal ballot notice was also approved to seek shareholder consent.
This is a transformative deal — Prozone is exiting its mall business (a core revenue driver) for over Rs. 1,200 Crores while pivoting towards residential and high-yield assets via GPDPL. Shareholders will benefit from a large cash infusion and a strategic refocus, though short-term revenue may dip given that the divested subsidiaries contributed two-thirds of FY25 turnover. Pending postal ballot approval, the stock could see significant re-rating based on how the proceeds are deployed.