26 Aug 2022 , 02:11 PM
This announcement is in furtherance of the notification dated January 25, 2022, in relation to the sale of the Company’s 100% stake in its subsidiaries, namely Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited, and Flora Land Development Limited to an independent third-party buyer ‘Elan Limited’ for an aggregate sale consideration of Rs580 crore, subject to necessary closing adjustments.
Flora Land Development owns the land parcel at Village Pawala Khusrupur, Sector 106, Tehsil, and District Gurugram, Haryana.
With the completion of this transaction, Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited ceased to be subsidiaries of the Company effective from August 25, 2022.
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