Brigade Enterprises announced that its subsidiary, Zoiros Projects (ZPPL) has allotted equity shares to the extent of Rs. 3,95,00,000/- to the company and Rs. 4,95,00,000/- to Gruhas Proptech LLP (Gruhas). Due to this allotment, the shareholding in Zoiros Projects will be held 50% (including existing investment) by the company (Brigade Enterprises) and 50% by Gruhas.
ZPPL has set up Earth Fund which is registered as a category II Alternative Investment Fund (AIF) registered with Securities and Exchange Board of India. ZPPL will be the investment manager and sponsor of the Fund. Earth Fund will invest in Pre-series A and Series-A tech startups innovating in real estate, construction, and sustainability.
ZPPL will cease to be a subsidiary of the company with effect from 18 March 2025 and will become joint venture Company.
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