Announced Fri, 26 Jun · 17:07 IST
Puravankara sells wholly owned subsidiary Purva Ruby Properties for Rs 145 Crore
Strategic Transactions View source PDF
PURVA · price
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Price reaction · full curve 14 horizons · vs prior close
+1.5%1-day move
₹212.05
prior close
₹215.46
base price
After-mkt
timing
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+0.8+2.0+2.1+0.7+1.5+2.1+1.3+4.6+4.5+1.6+3.8———
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AI summary
Puravankara board approved selling its 100% stake in wholly owned subsidiary Purva Ruby Properties to Prishal Office Parks III (backed by ICICI Prudential Office Yield Optimiser Fund AIF II) for Rs 145 Crores. Purva Ruby contributed only 1.06% of Puravankara turnover (around Rs 25.4 Crores) and has negative net worth, so it is non-core. Share Purchase Agreement to be signed within 45 days, with cash received after execution.
Likely market impact
Inflow of about Rs 145 Crores from a small non-core subsidiary with negative net worth; limited impact on overall earnings.