Marathon Nextgen Realty Limited announces the acquisition of 90% stake in Sunset Spaces Private Limited, a real estate firm with ongoing projects in Mumbai Metropolitan Region (MMR). Valued at Rs. 8.1 crore, this arm's length related party transaction aims for vertical integration and synergies in real estate development. Completion expected within one month.
Marathon Nextgen Realty Limited, a key player in Mumbai's real estate sector, has unveiled plans to acquire a significant stake in Sunset Spaces Private Limited (SSPL), bolstering its presence in MMR real estate projects. This move aligns with the company's growth strategy amid rising demand for integrated realty solutions.
Key Acquisition Highlights
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Sunset Spaces Private Limited: Incorporated on May 31, 2018, under Companies Act 2013; focuses on construction and real estate with ongoing MMR projects.
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Related Party Transaction: Promoter group member Mr. Parmeet Shah holds directorship and full shareholding in SSPL; conducted at arm's length via independent valuer.
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Strategic Rationale: Enables vertical expansion, business integration, and synergies as both entities operate in real estate.
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Financial Details: 90,000 equity shares acquired at Rs. 900 per share (Rs. 10 face value + Rs. 890 premium); total cost Rs. 8,10,00,000 (cash consideration).
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Timeline and Approvals: No regulatory nods needed; completion within one month of approvals.
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SSPL Performance: Nil turnover in FY 2022-23, 2023-24, and 2024-25.
This acquisition underscores Marathon Nextgen Realty's commitment to consolidating real estate assets in India's booming property market, particularly MMR hotspots.
Source: BSE India Announcement by Marathon Nextgen Realty Limited