Aditya Birla Real Estate Limited announced the incorporation of a new subsidiary, Pragataya Properties Private Limited. The move follows Birla Estates Private Limited, a wholly owned subsidiary of the Company, incorporating the new entity. This transaction results in Pragataya Properties Private Limited becoming a Step-Down Wholly Owned Subsidiary of Aditya Birla Real Estate Limited.
Pragataya Properties Private Limited is a newly incorporated Private Limited Company operating under the provisions of the Companies Act, 2013. The subsidiary belongs to the real estate industry, with its stated objective being the acquisition of land and/or the development of real estate projects.
The formation establishes Pragataya Properties Private Limited as a related party to the Company. Ownership details confirm that Birla Estates Private Limited (BEPL) holds 100% shareholding in Pragataya Properties Private Limited, solidifying its status as a wholly owned subsidiary of BEPL and consequently, a step-down wholly owned subsidiary of Aditya Birla Real Estate Limited.
Initial details regarding the entity’s formation include:
| Feature | Detail |
|---|---|
| Name of Entity | Pragataya Properties Private Limited |
| Industry | Real Estate |
| Object | To acquire land and/or develop real estate projects. |
| Shareholding | 100% shareholding held by Birla Estates Private Limited. |
| Nature of Interest | Step-Down Wholly Owned Subsidiary and a related party. |
| Consideration | Cash consideration towards initial share subscription to the memorandum of association. |
| Incorporation Status | Newly incorporated Company under the Companies Act, 2013. |
The initial share subscription to the memorandum of association was made for cash consideration at face value. Since Pragataya Properties Private Limited is a new entity, there are no historical turnover figures to report, and the acquisition is deemed complete without requiring specified governmental or regulatory approvals.
ABREL Stock Price Movement
As of 2:40 PM, shares of Aditya Birla Real Estate Limited are slipping by 0.13% in live trading, currently priced at ₹1420.1. The stock has seen 65,637 shares exchanged in the live market so far.Source:
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