Mumbai-based Godrej Properties Ltd (GPL), the realty arm of Adi Godrej promoted Godrej Group, on Friday said that the Board of Directors of the company at its meeting held on November 3, 2017, approved the Scheme of Amalgamation of its wholly owned subsidiary Godrej Real Estate Pvt Ltd (GREPL), with the company itself.

According to the company, the merger is aimed at integrations of operations which will result in rationalization of administrative and operating costs along with elimination of multiple entities.

“Since GREPL is a wholly owned subsidiary of GPL, no shares would be issued as consideration for the amalgamation. As a result, there would be no change in shareholding pattern of GPL on account of the amalgamation of GREPL with GPL and the shareholders of GPL will continue to remain beneficial owners of GPL in the same proportion in which they hold shares in GPL prior to the Scheme of Amalgamation,” the company said.

The scheme is subject to the requisite statutory/regulatory approvals including the approval of National Company Law Tribunal (NCLT), it added.

Both GPL and GREPL are engaged in the construction and real estate development.

Meanwhile, the company on Friday also posted a 91% growth in its net profit for the second quarter of the ongoing fiscal. The profit stood at Rs 44 crore in the quarter as against Rs 23 crore in the year ago period.

here is company details.

 

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