Godrej Properties (GPL), the real estate arm of the Godrej Group, announced that Godrej Projects Development, a wholly owned subsidiary of the Company has acquired 20% issued and paid-up share capital of Vagishwari Land Developers (VLDPL).

Pursuant to the said acquisition, VLDPL has become an associate company of Godrej Projects Development and consequently of Godrej Properties.The acquisition is being done for a cash consideration of Rs 299.9 million and 200 equity shares of Rs 100 each, representing 20% paid-up equity share capital of VLDPL, were allotted to Godrej Projects. The shares of VLDPL were acquired on June 10, 2021.

Vagishwari Land Developers, incorporated in 2015, is primarily engaged in the business of development of real estate properties, including for residential and commercial use in India, having its registered office in Hyderabad. The paid-up capital of VLDPL is Rs 1 lakh. The total income of VLDPL for the year ended 31 March 2021 was Nil.

Shares of the company declined Rs 17.30, or 1.20%, to settle  at  Rs 1,421.  The total volume of shares traded  was 25,650 at  the BSE (Friday).