Sunteck Realty acquires 99% stake in step-down subsidiary; Stock under pressure

21 Feb 2022 , 10:50 AM

Industele Property Private Limited (Industele), a step-down subsidiary of Sunteck Realty Limited, has acquired 99% of the equity stake in Rammit Corporate Solutions Private Limited by conversion of Optionally Convertible Debentures (OCDs) into equity shares. As a result of such conversion, Rammit and Prija Trading Private Limited, a wholly-owned subsidiary of Rammit, have become step-down subsidiaries of Sunteck.

Industele has converted 100 OCDs into 10,00,000 equity shares of the face value of Rs10 each, representing 99% of the issued equity capital.

Rammit as well Prija own residential property in Mumbai, part land parcel of which is already owned by Mithra Buildcon LLP, a wholly owned subsidiary of the company.

At around 10.54 am, Sunteck Realty Ltd was trading at Rs442.50 per share down by Rs6.05 or 1.35% from its previous closing of Rs448.55 per share on the BSE.