Godrej Properties incorporates new subsidiary Godrej Living; Stock slumps 6%

3 Feb 2022 , 03:12 PM

Godrej Properties Limited has incorporated a wholly-owned subsidiary, viz., Godrej Living Private Limited (GLPL) on February 01, 2022.

The authorised and paid-up capital of GLPL is Rs10,000. The entire shares of GLPL have been subscribed by Godrej Properties and Godrej Projects Development Limited (GPDL), a subsidiary of the Company (as a nominee of the Company).

The Company would hold 100% share capital in GLPL and consequently become a related party of the Company.

“GLPL has been incorporated for providing Facilities Management Services such as Housekeeping, house maintenance, Landscaping, Interior Plants, External Façade Cleaning, Valet Parking, Club house management, Pest Control, fitness centre, security, cleaning and vacuuming, facility maintenance etc.,” company said in a filing on Wednesday.

Towards close of trade on Thursday, Godrej Properties Ltd was trading at Rs1,674.55 per share down by Rs109 or 6.11% from its previous closing of Rs1,783.55 per share on the BSE.