Macrotech Developers To Acquire Stake In Three Digital Infra Firms For Rs 240 Crore
The acquisition is aimed at calibrating growth in digital infrastructure sector, Macrotech Developers said in an exchange filing.
Macrotech Developers Ltd., which operates under the Lodha brand, will acquire additional stakes in three Maharashtra-based digital infrastructure firms for a cumulative amount of Rs 240 crore.
The company, in a regulatory filing, said it has inked securities purchase agreements with Ivanhoe Warehousing India Inc. to acquire the latter's stake in Bellissimo Digital Infrastructure Development Management Pvt., Palava Induslogic 4 Pvt. and Bellissimo In City FC Mumbai 1 Pvt.
"The acquisition is in pursuance of our planned strategy for calibrated growth in digital infrastructure, viz., industrial and logistics," the filing said.
The acquisitions will be completed within 30 days in the form of cash considerations, it added.
Post the transaction, the company's stake in Bellissimo Digital, Palava Induslogic, and Bellissimo In City would increase to 70%, 66.67% and 66.67%, respectively, it further noted.
In Bellissimo Digital, Macrotech Developers is acquiring a 10% stake and from Ivanhoe for Rs 14.7 crore.
In Palava Induslogic, it is acquiring a total of 33.3% stake for Rs 142.5 crore, the company noted.
Meanwhile, it will pay an amount of Rs 82.2 crore for acquiring a 33.3% stake in Bellissimo In City.
The announcement was made by Macrotech Developers after the market hours. The company's scrip had settled 0.4% higher at Rs 1,288.4 on the NSE, as compared to a 0.16% decline in the benchmark Nifty 50.
