Macrotech Developers has executed a Share Purchase Agreement (SPA) to sell its entire stake in Palava Induslogic 3 (PI3PL), a Wholly Owned Subsidiary (WoS) of the Company on, October 25, 2023 to NewCold India Holding B.V. (NewCold), Netherlands. The sale is subject to certain agreed conditions precedent. Upon consummation of the sale transaction as per the terms of the SPA, PI3PL shall cease to be a WoS of the Company. Consideration received from such sale/disposal is Rs 153.65 crore. The said transaction is expected to be completed on January 8, 2024 subject to the fulfillment of certain conditions precedent.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.
