Man Infraconstruction (MICL) Group has increased its equity ownership in its associate company, Atmosphere Realty (ARPL) by acquiring an additional 12.5% stake for a cash consideration of Rs. 12.5 crore.
The company has acquired 3,125 equity shares (representing 12.50% of the paid uo equity share capital) of ARPL.
Manan P. Shah, managing director of the company said, “As a result, Man Infraconstruction has increased its equity holding in ARPL from the previous 17.5% to a significant 30%.”
ARPL is currently overseeing two projects: ‘Atmosphere 02,’ a development spanning 7.1 lakh sq ft and ‘Atmosphere Tower G (Solis),’ encompassing 3.2 lakh sq ft. Both of these projects are situated in the Mulund West area at Nahur in Mumbai.