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Aurum PropTech Ltd on Wednesday announced acquisition of housing brokerage platform PropTiger from Australia's REA Group for ₹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 ₹5) of the company on a preferential basis to REA, as a consideration for acquisition of PropTiger.
The cost of acquisition is ₹86.45 crore, it added.
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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 that owns real estate classified platform Housing.com, had posted a turnover of ₹100.93 crore for the 2023-24 fiscal year.
PropTiger was founded by Dhruv Agarwala in 2011. REA Group acquired a controlling interest in Housing.com as well as PropTiger in 2020.
In April this year, Agarwala resigned as the CEO of REA India.
REA India has appointed Praveen Sharma as its new Chief Executive Officer (CEO).
Recently, Aurum PropTech got markets regulator SEBI's approval to launch its Small and Medium Real Estate Investment Trust (SM-REIT), as part of the company's plan to expand business.
The company will list the SM-REIT schemes on stock exchanges, providing opportunities to retail investors to have fractional ownership of rent-yielding premium office assets.
It has received a registration certificate from the SEBI to float SM-REIT under the name AMSA SM REIT Investment Trust (AMSA).
Aurum PropTech owns and operates NestAway Technologies, a rental marketplace; Aurum Analytica, which helps real estate developers in finding customers; and Sell.do, which is into sales automation and digital transformation for real estate.
The company's total income rose to ₹284.98 crore in 2024-25 from ₹233.07 crore in the preceding year.
Aurum PropTech is part of Aurum Ventures, which is into various businesses, including telecom, aviation, renewable energy, and real estate.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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