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| Exchange Received Time 30/06/2017 23:29:04 Exchange Disseminated Time 30/06/2017 23:29:10 Time Taken 00:00:06 | Please note that the Company has today signed an agreement with Paranjape Group, a renowned group engaged in real estate development in Mumbai, Pune and other Metros (including development of SEZ) for transfer of its entire equity stake comprising of 20,00,000 Equity shares of ? 10 each in RLHL, a subsidiary of the Company having ownership of certain land parcels
In consideration for the aforesaid transfer, the Company is being issued Preference Shares worth ? 150 Crores by the project SPV. The equity stake of the SPV will be held by Paranjape Group and the Company in the 2:1 ratio respectively. The transaction does not fall under the related party transactions nor is RLHL, a material subsidiary of the Company
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