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Signatureglobal Expands Portfolio with Land Acquisition

21 June 20243 mins read by Angel One
Sternal Buildcon Private Limited, a wholly-owned subsidiary of Signatureglobal (India) had executed a sale deed to purchase the 3.80625 acres of land on Dwarka Expressway.
Signatureglobal Expands Portfolio with Land Acquisition
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Signatureglobal (India) Limited (SGIL), a leading real estate developer, announced key developments that are strengthening its market position.

Strategic Land Acquisition

On June 13, 2024, SGIL’s wholly-owned subsidiary, Sternal Buildcon Private Limited, executed a sale deed to acquire approximately 3.80625 acres of land in Sector 37D, Gurugram. Strategically located on Dwarka Expressway near Village Harsaru, this land parcel boasts an overall potential developable area of approximately 6 lakh square feet.

This acquisition signifies SGIL’s commitment to expanding its land bank in key growth corridors of Gurugram. The prime location and sizable developable area offer the company the opportunity to develop a significant residential project, catering to the growing demand for quality housing in the region.

Providing Corporate Guarantee for Subsidiary

Earlier, on June 6, 2024, SGIL extended its support to another subsidiary, Gurugram Commercity Private Limited (GCPL). SGIL issued a Corporate Guarantee in favour of Vistra ITCL (India) Limited, acting as the Security Trustee for Indusind Bank Limited. This guarantee secures a bank guarantee facility of ₹300 crore (Rupees Three Hundred Crore only) availed by GCPL.

A corporate guarantee acts as a contingent liability for SGIL, meaning it will only come into effect if GCPL fails to fulfil its obligations towards Indusind Bank. The promoters and promoter group of SGIL hold directorial positions in GCPL, signifying a degree of shared interest. It is important to note that the Corporate Guarantee Agreement was executed on an arm’s length basis, ensuring fair market value and upholding corporate governance principles.

Looking Ahead

These developments highlight SGIL’s strategic approach to growth. By acquiring prime land and supporting its subsidiaries, SGIL positions itself for continued success in the dynamic Indian real estate market. Investors and stakeholders can expect further updates as these projects progress.

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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