Godrej Properties on Friday announced it was raising its stake in Wonder City Buildcon from 74 per cent to 100 per cent.
Pursuant to the said acquisition, WCBL has become wholly-owned subsidiary of the company with effect from May 26, 2023, according to a company statement shared with stock exchanges.
According to the regulatory filing, 2,90,21,528 equity shares of Rs 10 each, representing 26 per cent paid-up equity share capital of WCBL are acquired from existing shareholder. Cost of acquisition or the price at which the shares are acquired is Rs 45.13 lakh.
The company said the acquisition was done in accordance with the share-purchase agreement dated May 25, 2023, entered into with the shareholders of WCBL.
According to the statement, WCBL — incorporated on 30 August 2013 — is primarily engaged in the business of construction, development and sale of residential project in India, having its registered office in Mumbai. (ANI)
