Agre Developers’ wholly owned subsidiary - Agre Properties & Services (APSL), has entered into a share purchase agreement and sold its investment aggregating to 20% of the paid share capital of Gupta Infrastructure (India) for a total consideration of Rs 29.87 crore which resulted in a capital gain of Rs 22.18 crore.
The agreement also provided for refund of share application money to the company and APSL aggregating to Rs 11.65 crore. The consideration will be paid in tranches during a period of March 03, 2012 to May 31, 2012.
Agre Developers provides comprehensive mall / property management services in India including positioning and mall advisory services. The company is engaged in setting up over two dozen shopping malls and consumption centres, all of which will be operational by this year.
