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By Jomy Jos Pullokaran Dec 13, 2022 6:29:51 PM IST (Published)
Shares of Piramal Enterprises Ltd ended at Rs 857.00, down by Rs 1.00, or 0.12 percent on the BSE. Piramal Enterprises said the acquired company has a ready-to-occupy office building as well as development potential for further space, which will help take care of current as well as future office space requirements of the company and its subsidiaries.
Piramal Enterprises, the financial services arm of the Piramal Group, on Tuesday, December 13, said its wholly-owned subsidiary Piramal Capital & Housing Finance Ltd (PCHFL) has acquired a 100 percent stake in PRL Agastya Private Ltd for Rs 90 crore. After the acquisition, PRL Agastya will be a wholly-owned subsidiary of PCHFL.
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PRL Agastya is engaged in the business of construction and development of real estate projects. Currently, PRL Agastya owns a developed commercial building of 7.44 lakh square feet of leasable area along with a development potential of further up to 70,000 square feet of leasable area, the company said.
In an exchange filing, Piramal Enterprises said, "PRL Agastya being a promoter group company, the acquisition is a related party transaction. The interest of the promoter group is only to the extent of investment in a promoter group company. The acquisition of stake is at arm’s length."
The acquired company has a 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 said.
PRL Agastya was incorporated on November 20, 2006, and has a presence in India. The company had total revenue of Rs 3,139.01 lakh for the year ended March 31, 2022. For FY21, it had total revenue of Rs 2,628.84 lakh and for FY20, it was Rs 2,672.63 lakh.
Shares of Piramal Enterprises Ltd ended at Rs 857.00, down by Rs 1.00, or 0.12 percent on the BSE.
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