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| Exchange Received Time 06/07/2018 11:01:04 Exchange Disseminated Time 06/07/2018 11:01:13 Time Taken 00:00:09 | Further to intimations dt. 14.02.2018 & 03.05.2018, pls note that Company's Board constituted Committee has today authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which Co. will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the Co., and will realise a gross value of approx. Rs 850 Cr, subject to adjustments, if any, basis certain assets and liabilities on closing (Transaction).
Subject to satisfaction of closing conditions, the Transaction is to be completed in tranches by 30.09.2019. The Transaction is pursuant to and in terms of Co's Shareholders authorization dt 23.03.2018, to facilitate re-organization of Co's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets
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