To jointly acquire Perungudi Real Estates for Rs 600 crore
Brigade Enterprises has entered in to a Shareholders' Agreement and Securities Subscription Agreement on 03 March 2016 with Reco Caspia , an investment vehicle of GIC, Singapore and Perungudi Real Estates, a special purpose vehicle.The Company and Reco Caspia will be acquiring 100% equity stake in Perungudi Real Estates ("Target"), a special purpose vehicle by purchasing 10,000 equity shares from the existing shareholders of the Target and subscribing to certain securities of the Target, thereby jointly proposing to invest an aggregate amount of Rs.600 crore. The Target proposes to acquire property for undertaking construction development activities.
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