Goodluck India Buys Ghaziabad Property In Rs 52 Crore Related Party Deal

Goodluck India Limited has notified the stock exchanges that it has entered into an agreement to acquire a developed property, including construction, furniture and fixtures, situated at H.F. 166 & 167, Nehru Nagar, Ambedkar Road, Ghaziabad, Uttar Pradesh.
​
The consideration for the transaction is Rs 52 crore, excluding stamp duty, registration charges and other incidental expenses, and will be settled through normal banking channels.
​
Key Points From The Exchange Filing

• The counterparties to the agreement are promoter / promoter group entities, including Mahesh Chandra Garg, Ashish Garg, Kanak Lata and Savitri Devi; hence the deal is categorized as a related party transaction.
• ​The company has indicated that the transaction is being carried out on an arm’s length basis, with no special rights such as board appointments, subscription rights or changes in capital structure arising from the agreement.
• ​The property purchase covers land together with all rights, title and interest attached to it, supporting Goodluck India’s operational and infrastructure requirements at its Ghaziabad base.
• ​The company has stated that all necessary corporate and regulatory approvals have been obtained and that there is no conflict of interest resulting from this transaction.

Sources: BSE Corporate Filing, Goodluck India Limited