"PRL Agastya being a promoter group company, the Acquisition is a related party transaction. The interest of the promoter/ promoter group/group companies is only to the extent of investment in a promoter group company. The acquisition of stake is at arm’s length," said Piramal Enterprises in its regulatory filing.
PRL Agastya is engaged in the business of construction and development of real estate projects. Currently, PRL Agastya owns developed commercial building of 7.44 lakh square feet of leasable area along with development potential of further up to 70k square feet of leasable area.
The objective of the acquisition is to acquire office space.
"PRL Agastya has a ready to occupy office building as well as development potential for further space. This will help take care of current as well as future office space requirements of the Company and its subsidiaries," the filing stated further.
PRL Agastya is engaged in the business of construction and development of real estate projects. It has a presence in India.
PRL Agastya had total revenue of Rs. 3,139.01 lakhs for the year ended 31st March, 2022.
Piramal Enterprises shares closed 0.12 per cent down at ₹857 on BSE.
