Godrej Properties dilutes stake in Yerwada Developers to 20%; Stock up 2%

1 Feb 2022 , 10:15 AM

Godrej Properties Limited informed the exchanges Monday that the stake held by the company in Yerwada Developers Private Limited (YDPL) is diluted to 20% and consequently YDPL has ceased to be wholly-owned subsidiary of the Company with effect from January 31, 2022.

The company in December 2021 had entered into Share Purchase, Securities Subscription, Shareholders and Operating Agreement (SPSSSOA) with GBTC II (Asset B) Pte. Ltd. (GBTC), YDPL, and Godrej Investment Advisers Private Limited (GIAPL) for the subscription of securities in YDPL.

SPSSSOA signed on January 25, 2022, pursuant to which YDPL will issue securities to GPL and GBTC in the ratio of 20:80. The said transaction is a related party transaction to the extent of subscription of 1,10,00,000 shares of YPDL pursuant to SPSSSOA. Since, YDPL is incorporated on November 18, 2021, turnover and income of YDPL is Nil.

At around 10.19 am, Godrej Properties Ltd was trading at Rs1747.90 per share up Rs33.35 or 1.95% from its previous closing of Rs1,714.55 per share on the BSE.