Prime Urban Development to acquire 100% equity stake in Patodia Developers

Prime Urban Development India has received an approval to invest a sum of Rs 1 lakh in Patodia Developers by way of acquisition of 100% equity shares at par value and to make Patodia Developers as a Wholly Owned Subsidiary (WOS) for development of the landed property held by the company. The board of directors at their meeting held on February 03, 2015 has approved for the same.

Pursuant to Companies Act 2013, the investment in Patodia Developers is well within the limit of not exceeding 60% of its Paid up Capital and Free Reserves of the company.

Prime Urban Development India has a varied portfolio with its main focus in Real Estate Development and the Export of Cotton Yarns.