Puravankara hits 52-week high on acquiring 51% stake in subsidiary

Puravankara zoomed 19.51% to Rs 294.35 after the realtor announced that it has acquired 51% of shareholding of its step down wholly owned subsidiary, PPL Khondapur Developers at Rs 4.10 lakh.

Puravankara has acquired 4,100 equity shares of Rs 100 each at par aggregating to Rs 4,10,000 by subscribing to the private placement of PPL Khondapur Developers.

PPL Khondapur Developers is currently engaged in the business of real estate. It was incorporated during FY24, and it has not commenced any business activities yet and thus it does not have any turnover.

PPL Khondapur will become step down subsidiary company from step down wholly owned subsidiary of the company, post acquisition.

The real estate firm stated that this investment is part of the use of proceeds that will aid PPL Khondapur to meet its expansion plans.

PPL Khondapur is currently engaged in the business of real estate.

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsPurva and Provident, respectively. The Group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported a net profit of Rs 77.92 crore in Q3 FY24, steeply higher than Rs 22.53 crore recorded in Q3 FY23. Revenue from operations jumped 46.18% to Rs 573.70 crore in the third quarter of FY24 from Rs 392.45 crore posted in Q3 FY23.

The counter hit a 52-week high of Rs 295.55 in todays intraday session.

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