Godrej Properties acquire 100 per cent stake in CLPL

A subsidiary of Godrej Industries Ltd, Godrej Properties Ltd on March 21, 2020, announced its hundred per cent acquisition in Ceear Lifespaces.

In a BSE filing released on Saturday, the real estate company informed that it has acquired 100 per cent issued and paid-up share capital of Ceear Lifespaces Private Limited (CLPL).

Adding to this, Godrej Properties further said that as a result of this acquisition, CLPL has now become a wholly-owned subsidiary of the company and will undertake business of construction & development of land situated in Thane.  

An amount of Rs 1 lakh has been paid for the above-mentioned acquisition, which was done in accordance with share purchase agreement (SPA) dated March 20, 2020 with the shareholders of CLPL.

Incorporated in 2017, CLPL is into real estate development business, having a registered office in Mumbai while, Godrej Properties has been instrumental in the construction of residential, commercial and township projects across 12 major cities of India.

At the time of market closing on Friday, the stock of Godrej Properties Ltd was trading at Rs 711.85, up by 8.32 per cent against its previous close of Rs 657.15. Its 52-week high is 1,188.00 while, its 52-week low is Rs 612.00 on BSE.