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Auto component manufacturer Sundaram-Clayton Ltd has acquired an additional stake of 11.20 per cent in its subsidiary Emerald Haven Realty Ltd, the company said on Saturday.
Emerald Haven Realty Ltd is engaged in real estate development under the brand TVS Emerald and consequent to the acquisition, the stake of Sundaram-Clayton Ltd in EHRL increased to 77.60 per cent from 66.40 per cent.
In 2022-23, Emerald Haven Realty generated a turnover of Rs 22.59 crore with a loss of Rs 41.84 crore, Sundaram-Clayton said in a regulatory filing.
Sundaram-Clayton said it has acquired 11.20 per cent of total shareholding amounting to 2,86,11,220 equity shares of EHRL from Srinivasan Trust, which is part of the promoter group.
The cost of acquisition at which the shares were acquired was Rs 15 per share amounting to Rs 42.92 crore, the company said.
EHRL presents great diversification potential which has been conceptualized by the company and hence this investment is made, Sundaram-Clayton said.
"The acquisition has been completed on June 30, 2023," the company said.
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