Ajmera Realty acquires 85 per cent stake in Anirdesh Developers LLP

Ajmera Realty & Infra India Limited has informed the bourses that it has acquired 85 per cent stake in Anirdesh Developers LLP. Both the entities belong to the infrastructure industry.

The promoters of Ajmera Realty are partners and designated partners in Anirdesh Developers LLP. Thus, the transaction would fall under the definition of Related Party Transaction. Through this acquisition, Ajmera Realty intends to acquire infra projects through this subsidiary.

The acquisition process got completed on September 6, 2018 through capital contribution. The consideration amount towards capital contribution is Rs. 17 lacs. The profit-sharing ratio for the company is 85 per cent.

The LLP got its Certificate of Incorporation (COI) on April 27, 2012. It was incorporated with the object to undertake infrastructure and real estate activities. However, no operations are initiated yet from the incorporation.

Also, Shashikant Ajmera, a Trustee of ARIL Trust, belonging to Promoter group of Ajmera Realty has intimated for creation of pledge on 11 lakh equity shares (3.10%) of Rs. 10 each of Ajmera Realty & Infra India Limited.

On Friday, the stock opened at Rs. 215.95 per share from the previous close of Rs. 212.90 on BSE. It surged by 4.1 per cent and made an intraday high of Rs. 221.65 in the morning session.