Macrotech Developers Raises Stake in Warehousing Firms for Rs 239.56 cr
Sep 19, 2024 19:40
Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. for Rs 239.56 crore. The acquisition will help the company increase its rental income.
New Delhi, Sep 19 (PTI) Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore.
The share acquisition in the three firms would help Macrotech Developers in increasing its rental income.
In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard.
It has increased its stake in "Digital Infrastructure Platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 239.56 crore, the filing added.
The company's interest post the above acquisition in Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd would increase to 70 per cent, 66.67 per cent and 66.67 per cent, respectively, it added.
Macrotech Developers is one of the leading real estate firms in the country. It sells properties under the Lodha brand.
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