Aurum Proptech Ltd News

Aurum PropTech acquires home brokerage platform PropTiger for ₹86.45 cr

Aurum PropTech Ltd on Wednesday announced acquisition of housing brokerage platform PropTiger from Australia's REA Group for Rs 86.45 crore as part of its expansion plan. The company will issue preferential shares to REA India as consideration for the acquisition of PropTiger. In a regulatory filing, Aurum PropTech informed that the Board has approved "acquisition of 100 per cent equity shares of PropTiger Marketing Services India Pvt Ltd, India." The acquisition has been done from REA India Pte, Singapore, through an all-stock, strategic equity swap and execution of the Share Acquisition Agreement with REA and PropTiger. The board approved issuance of 42,42,537 equity shares (face value Rs 5) of the company on a preferential basis to REA, as a consideration for acquisition of PropTiger. The cost of acquisition is Rs 86.45 crore, it added. Post-issue of preferential shares, REA India will have 5,54 stake in Aurum PropTech Ltd. Gurugram-based PropTiger, which is part of REA India