May 2, 2024: Indiabulls Constructions, a wholly-owned subsidiary of Indiabulls Real Estate on April 30 acquired 100% stake of Sky Forest Projects Private Limited (SFPPL) from Blackstone Inc for an enterprise value of approximately Rs 646.71 crore, the company said in a regulatory filing with the National Stock Exchange (NSE).
The acquisition was on a fully diluted basis, comprising 32,51,362 equity shares of SFPPL, from certain entities controlled by funds managed by Blackstone, Inc, mentioned the regulatory filing.
SFPPL owns the residential project Sky Forest that is located in Lower Parel, Mumbai. The acquisition was completed on April 30. The regulatory filing mentioned that the consideration is in cash, of which Rs 86.7 crore is payable on a deferred basis on or prior to May 31, 2024.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
