Mahindra Lifespace Developers has entered into a share purchase agreement with Shreyas Stones (SSPL), where the shareholders of SSPL have consented to sell 100 percent of the equity shares to the company.
The company will be acquiring 10,000 equity shares with a face value of ₹10 each at a premium of ₹198,990 each, totaling ₹199 crore.
This acquisition presents a development opportunity with an estimated gross development value (GDV) of ₹1,100 crore. Amit Kumar Sinha, the managing director and CEO of the company, stated, With this parcel adjacent to our existing land, we now have the chance to create a cohesive, high-quality premium development with a combined GDV potential of around ₹2,100 crore.
SSPL possesses approximately eight acres and 31.5 guntas of land in Doddajala Hobli, Bengaluru, which holds potential for development.
