Sunteck Realty’s wholly owned subsidiary -- Mithra Buildcon LLP (Mithra) has acquired entire equity shares and compulsorily convertible debentures (CCDs), representing 100% on a fully diluted basis, of Industele Property (IPPL), for an aggregate consideration of around Rs 58.51 crore respectively. IPPL through its investee company holds interest in properties situated in Nepean Sea Road, South Mumbai.
This acquisition is strategically aligned to Sunteck's objective of the redevelopment of the said property, part land parcel of which is already owned by Mithra.
Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.
