Man Infraconstruction announced that the company would be acquiring stake in Royal Netra Constructions (RNCPL) by way of merger of Platinumcorp Affordable Builders (wherein the company holds one third shareholding interest) with RNCPL.
RNCPL is engaged in the business of real estate development with specific concentration on redevelopment under the SRA Project at Goregaon (W), Mumbai (Project).
Post the merger becoming effective, the balance shareholding of existing shareholders of RNCPL will be transferred to the shareholders of PABPL and thus full economic interest will be proportionately vested with the shareholders of PABPL. Further, RNCPL will issue Unlisted Secured Redeemable Non-convertible Debentures (Debentures) in favour of the Company in lieu of its existing outstanding loan, which will be secured by certain carpet area in the Project.
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