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Puravankara Ltd has approved the sale of its entire 100% shareholding in its wholly owned subsidiary, Purva Ruby Properties Private Limited, for INR 145 crore. The buyer is Prishal Office Parks III Private Limited, an entity backed by an alternative investment fund managed by ICICI Prudential Asset Management Company Limited. The transaction is not a related-party deal and is expected to be completed within 45 days, after which Purva Ruby Properties will cease to be a subsidiary of Puravankara. The move comes as the developer continues to streamline its business while expanding its real estate portfolio.
Puravankara Ltd has approved the sale of its entire 100% equity stake in Purva Ruby Properties Private Limited, its wholly owned subsidiary, for INR 145 crore. The decision was cleared by the company's board during a meeting held in the past week as part of its corporate restructuring initiatives.
The buyer is Prishal Office Parks III Private Limited, an entity owned by ICICI Prudential Office Yield Optimiser Fund – AIF II and managed by ICICI Prudential Asset Management Company Limited. The company clarified that the buyer does not belong to the promoter or promoter group of Puravankara and that the transaction is not a related-party deal.
The share purchase agreement is expected to be executed within 45 days, subject to the completion of customary formalities. Once the transaction is completed, Purva Ruby Properties Private Limited will cease to be a wholly owned subsidiary of Puravankara.
The latest divestment comes at a time when Puravankara has been actively pursuing growth through new land acquisitions and project launches. In recent weeks, the Bengaluru-based real estate developer announced multiple land acquisitions and development agreements across key markets, reflecting its strategy of strengthening its core residential business while optimising its corporate structure.
Source Reuters
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