Macrotech Developers announced that it has signed a share purchase agreement (SPA) with Siddhivinayak Realties to acquire a 50% of the paid-up equity capital in the company for Rs 250.70 crore.
Siddhivinayak Realties (SRPL) is engaged in the business of real estate development and related activities. The total turnover for last 3 years is NIL as there are no business operations conducted by SRPL. However, the company's net worth stood at Rs 83.88 crore as of 31 March 2023.SRPL has rights in various lands, including to develop free sale portion of SRA project in Mumbai city, stated Lodha as the object of acquisition. The cost of acquisition is Rs 250.72 crore.
The acquisition will be done through a wholly owned subsidiary of the company and it will be completed within a week.
Meanwhile, the companys board has approved the allotment of 12,500 rated, listed, senior, secured, redeemable, taxable, transferable non-convertible debentures of Rs 1 lakh each aggregating to Rs 125 crore
Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.
The real estate developers consolidated net profit surged 185% to Rs 570 crore in Q3 FY24 as compared with Rs 200 crore in Q3 FY23. Revenue jumped 65.22% YoY to Rs 2930.6 crore in Q3 FY24.
Shares of Macrotech Developers settled 1.58% lower at Rs 1,133.75 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.
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