Puravankara has received approval for the sale of shares of two of its wholly owned subsidiaries namely, Purva Blue Agate and Purva Shelters to Centurions Housing & Constructions (Centurions) and Purva Star Properties (Purva Star), wholly owned subsidiary companies of the company, respectively.
The proposed buyers are wholly owned subsidiaries of the company and thus the transaction is not a related party transaction. On transfer of shares, the status of Purva Blue and Purva Shelters will change from wholly owned subsidiaries to step down wholly owned subsidiaries. The Board of Directors of the Company at its meeting held on January 23, 2024, inter-alia has considered and approved the same.
Puravankara is a leading real estate company in India, with a presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune.