Piramal Enterprises said that its wholly owned subsidiary, Piramal Capital & Housing Finance (PCHFL), acquired 100% stake in PRL Agastya (PRL Agastya) for Rs 90 crore.
PRL Agastya was incorporated on 20 November 2006. It is engaged in the business of construction and development of real estate projects. Currently, PRL Agastya owns developed commercial building of ~7.44 lakh square feet of leasable area along with development potential of further up to ~70k square feet of leasable area. Its total revenue for financial year 2021-22 was Rs 31.39 crore.PRL Agastya has become wholly owned subsidiary of PCHFL. PRL Agastya being a promoter group company, the acquisition is a related party transaction and post acquisition. The acquisition of stake is at arm's length.
As a part of transaction, PRL Agastya has ready to occupy office building as well as development potential for further space. This will help take care of current as well as future office space requirements of the company and its subsidiaries.
Piramal Enterprises is one of India's large diversified companies, with a presence in pharmaceuticals and financial services. The company reported net loss of Rs 1,536.39 crore in Q2 FY23 as compared to net profit Rs 419.17 crore in Q2 FY22. Total income rose 48.9% year on year to Rs 2,580.62 crore in Q2 FY23.
Shares of Piramal Enterprises rose 0.52% at Rs 862.45 on the BSE.
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