Godrej Properties has recently acquired 100% issued and paid-up share capital of Ceear Lifespaces (CLPL), the company informed in a BSE filing.
Post this acquisition, CLPL will undertake business of construction and development of land situated at Thane.
Consequent to the said acquisition, CLPL has become a wholly owned subsidiary of the company. Total consideration of the deal was Rs 1 lakh only. It has acquired 10,000 equity shares of Rs 10 each, constituting 100% paid–up equity share capital of CLPL.
Acquisition is done in accordance with the Share Purchase Agreement dated 20th March, 2020 entered into with the shareholders of CLPL.
In a separate regulatory filing, Godrej Properties said that its overall operations have been adversely impacted due to the global outbreak of Coronavirus disease 2019 (COVID-19) pandemic and lockdown.
"In view of the strictures imposed by the government, functioning at most of the construction sites and the overall operations of the company have been adversely impacted. In this evolving situation, the overall financial impact or the duration thereof cannot be predicted with any reasonable certainty," said the company.
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