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Macrotech Acquires Remaining 50% Stake in Siddhivinayak Realties

31 May 20242 mins read by Angel One
Macrotech Developers acquires the remaining 50% stake in Siddhivinayak Realties, making it a wholly owned subsidiary to expand its real estate portfolio in Mumbai.
Macrotech Acquires Remaining 50% Stake in Siddhivinayak Realties
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On May 27, 2024, Macrotech Developers Limited announced that it had acquired the remaining 50% stake in Siddhivinayak Realties Private Limited (SRPL).

Siddhivinayak Realties Private Limited is a non-government company incorporated on May 24, 2001. The company is involved in real estate development and related activities. As of March 31, 2023, the net worth of Siddhivinayak Realties Private Limited (SRPL) is ₹83,88,71,797 and turnover is nil. SRPL has the rights to various lands, such as developing the free-sale portion of a Slum Rehabilitation Authority (SRA) project in Mumbai.

No regulatory approvals are required for the acquisition, which is expected to be completed within a week. The transaction will be executed through the transfer of funds via banking channels. The total acquisition price is ₹415.59 crore, which includes ₹412.15 crore for equity shares and ₹3.44 crore for other securities and instruments.

By acquiring the remaining 50% stake, SRPL becomes a wholly-owned subsidiary of Macrotech Developers.

About Macrotech Developers

Macrotech Developers (formerly Lodha Developers) is an Indian multinational real estate company founded in 1980 by Mangal Prabhat Lodha. The company’s headquarters is in Mumbai, India. Macrotech Developers Limited operates as a real estate company. The Company owns and develops commercial and industrial properties. It focuses on creating a pan-India digital infrastructure platform in partnership with Bain Capital and Ivanhoe Cambridge.

Macrotech Developers focus on affordable and mid-income housing. The company also has a 600 million square feet township landbank in the Mumbai suburbs, which is seeing rapid infrastructure development. Macrotech Developers has recently raised ₹3,300 crore through a QIP with existing shareholders like Capital Group, GQG, Nomura, and Abu Dhabi Investment Authority being allotted shares. Invesco Oppenheimer, Blackrock, Franklin Templeton and others were also allotted shares in the issue.

On May 27, 2024, the share price of Macrotech Developers opened at ₹1,349.65.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions

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