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GMR Power’s arm to sell entire stake in Namitha Real Estates

06 Jul 2024 Evaluate

GMR Power and Urban Infra’s (GPUIL) wholly-owned subsidiary -- GMR SEZ & Port Holdings (GSPHL) has executed a Share Purchase Agreement (SPA) on July 5, 2024 with GMR Enterprises (GEPL), one of the promoters of GPUIL for sale of its entire stake held in Namitha Real Estates (NREPL) to GEPL.

As per the SPA, GEPL has acquired entire 10,000 equity shares of NREPL from GSPHL at face value of Rs 10 each for an aggregate cash consideration of Rs 1,00,000 based on the valuation derived by independent valuer. NREPL is a subsidiary of GPUIL under the Companies Act, 2013 and upon completion of this transaction, NREPL would cease to be a subsidiary of the Company.

The transaction is a Related Party Transaction under the SEBI Listing Regulations and accordingly necessary approval of the Audit Committee was obtained. NREPL is currently not engaged in any active business and accordingly there was no significant revenue /networth recorded by it during the previous year.

GMR Power and Urban Infra, a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure and transportation.

GMR Power and Urban Share Price

107.34 -2.65 (-2.41%)
20-Apr-2026 16:59 View Price Chart
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