Realty firm Anant Raj Ltd has acquired 26 per cent additional stake in its shopping mall at Kirti Nagar in the national capital from Lalea Trading Ltd, Cyprus for Rs 225.42 crore.
Anant Raj Ltd will now have 100 per cent stake in its subsidiary Anant Raj Projects Ltd, which holds this shopping mall (known as Moments Mall). Earlier, the company had 74 per cent stake in Anant Raj Projects while Lalea Trading had 26 per cent shareholding.
According to a regulatory filing, Anant Raj has acquired 1,75,676 equity shares (26 per cent of total share capital of the Anant Raj Projects Ltd) at Rs 2,258 each.
It has also bought 6,37,964 compulsorily convertible preference shares at Rs 2,258 each as well as 37,59,459 fully convertible debentures at Rs 110.94 each of Anant Raj Projects Ltd from Lalea Trading "for a total consideration aggregating to Rs 225.42 crore."
The consideration was paid in cash. Anant Raj Projects will become wholly-owned subsidiary of the company.
The net worth and turnover of Anant Raj Projects Ltd stood at Rs 270.15 crore and Rs 29.24 crore in 2016-17.
Anant Raj said that the objective of this deal was "to acquire the balance 26 per cent stake from Lalea Trading Ltd, Cyprus in Anant Raj Projects Ltd to make it wholly owned subsidiary of the company."
Anant Raj Ltd has real estate and hospitality projects in the Delhi-NCR region.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)