Godrej Properties Ltd - 533150 - Announcement under Regulation 30 (LODR)-Acquisition
Dear Sir/Madam, we wish to inform you that pursuant to the approval of the Board of Directors of D B Realty Limited at their board meeting held earlier today, i.e. February 03, 2022, and the approval of the Board of Directors of Godrej Properties Limited at its board meeting held earlier today, (and subject to such other approvals, execution of definitive documentation and completion of other conditions precedent), Godrej Properties Limited is proposing to (i) subscribe to such number of warrants issued by D B Realty Limited which will be convertible into such number of Equity Shares aggregating approximately 10% of the issued and paid up capital of D B Realty Limited for an aggregate amount of approximately Rs 400 crore; and (ii) set up a special purpose vehicle as a joint venture with D B Realty Limited to jointly undertake slum rehabilitation and MHADA redevelopments projects, by leveraging the respective core expertise of the parties.03-02-2022