Godrej Properties subsidiary acquires 20% stake in Vagishwari Land Developers

Godrej Properties said that its wholly owned subsidiary Godrej Projects Development has acquired 20% issued and paid-up share capital of Vagishwari Land Developers (VLDPL).

Pursuant to the said acquisition, VLDPL has become an associate company of Godrej Projects Development and consequently of Godrej Properties.

The acquisition is being done for a cash consideration of Rs 29.99 crore and 200 equity shares of Rs 100 each, representing 20% paid-up equity share capital of VLDPL, were allotted to Godrej Projects. The shares of VLDPL were acquired on 10 June 2021.

Vagishwari Land Developers, incorporated in 2015, is primarily engaged in the business of development of real estate properties, including for residential and commercial use in India, having its registered office in Hyderabad. The paid-up capital of VLDPL is Rs 1 lakh. The total income of VLDPL for the year ended 31 March 2021 was Nil.

Godrej Projects Development along with other investors intend to develop a real estate project on the land owned by VLDPL.

Godrej Properties is engaged in construction and real estate development. The real estate major's consolidated net loss stood at Rs 191.62 crore in Q4 FY21 as against net profit of Rs 102.39 crore in Q4 FY20. Net sales slumped 62.80% YoY to Rs 432.64 crore in Q4 FY21.

The scrip shed 0.05% to currently trade at Rs 1437.60 on the BSE.

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