Godrej Properties has purchased 100% of issued and paid-up share capital of Yerwada Developers (YDPL) from promoter group company Godrej Investment Advisors. With this, YDPL has become the company’s wholly-owned subsidiary, effective December 9, 2021, according to a BSE filing.
YDPL has a Rs 1 lakh paid-up capital and no turnover. The purchase of 10,000 equity shares at Rs 10 each represents 100% of YDPL’s paid-up equity share capital.
Following that, the company will own 20% of YDPL, with the remaining 20% controlled by a Godrej Group real estate-oriented investment fund.
The acquisition is carried out in compliance with the Share Purchase Agreement reached with YDPL’s shareholders.
According to the regulatory filing, Godrej Properties and other investors propose building and developing a real estate commercial project on the land to be acquired by YDPL.
YDPL is primarily engaged in the construction, development, and sale of commercial projects. It was founded on November 18, 2021.
