DB Realty acquires entire stake in subsidiary Neelkamal Realtor
- Country:
- India
DB Realty Ltd Thursday said it has acquired entire stake of its subsidiary firm Neelkamal Realtors Tower (NRTPL), which is developing a project in partnership with Radius group.
In a filing to the BSE, DB Realty has executed a share purchase agreement to acquire entire equity shares held by IL&FS Trust Company Ltd (now known as Vista ITCL (India) Ltd) and IIRF Holdings VII Ltd in NRTPL.
The company did not disclose the deal value.
The NRTPL is a subsidiary of the company (54.31 percent of the total paid up capital), having 'One Mahalakshmi' project at Mahalaxmi, Mumbai.
Post-acquisition of the stake, NRTPL will become a wholly owned subsidiary of the company.
NRTPL has entered into a development management agreement with lndo Global Soft Solutions and Technologies (lndo), a Radius Group firm for the development of this project.
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