Arvind SmartSpaces' board approves consolidation of partnership interest in AEI LLP; stock climbs ~2%

30 Sep 2022 , 11:18 AM

Arvind SmartSpaces Limited informed that the Board of Directors has approved the consolidation of the partnership interest of the Company in Ahmedabad East Infrastructure LLP (AEI LLP) from 51.43% to 55.24%.

Further, profit sharing in AEI LLP is to increase from 94.25% to 98.00% upon acquisition of the entire partnership interest of Arvind Infrabuild LLP in AILLP.

The acquisition is at arm’s length and at fair value.

The acquisition would be completed within 30 days following the completion of the LLP agreement and transfer of consideration. The transaction falls under the related party transaction of the company.

The company stated that the cost of acquisition is Rs7.10 crore.

During the previous financial year, Ahmedabad East Infrastructure reported revenue of Rs104 crore.

At around 11.21 AM, Arvind SmartSpaces was trading 2.18% higher at Rs243.85, against previous close of Rs238.65 on NSE. So far, it hit intraday high and low of Rs245 and Rs235.65 respectively.

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