Godrej Properties - wholly owned subsidiary (WOS) - Godrej Projects Development (GPDPL) will acquire 49.90% of the paid-up share capital of Godrej Buildwell (GBPL), a subsidiary of the company, from India Realty Excellence Fund through its Investment Manager Motilal Oswal Private Equity Advisors. The board of directors of the company by a circular resolution dated November 12, 2014, has approved for the same.
Upon acquisition of shares by GPDPL, GBPL would be merged with GPDPL through a scheme of arrangement, subject to such terms as may be approved and necessary approvals as may be required.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.
