DB Realty Ltd Thursday said it has acquired entire stake of its subsidiary firm Neelkamal Realtors Tower (NRTPL), which is developing a project in partnership with Radius group.
In a filing to the BSE, DB Realty has executed a share purchase agreement to acquire entire equity shares held by IL&FS Trust Company Ltd (now known as Vistra ITCL (India) Ltd) and IIRF Holdings VII Ltd in NRTPL.
The company did not disclose the deal value.
The NRTPL is a subsidiary of the company (54.31 per cent of the total paid up capital), having 'One Mahalakshmi' project at Mahalaxmi, Mumbai.
Post acquisition of stake, NRTPL will become wholly owned subsidiary of the company.
NRTPL has entered into a development management agreement with lndo Global Soft Solutions and Technologies (lndo), a Radius Group firm for the development of this project.
Disclaimer: No Business Standard Journalist was involved in creation of this content