Macrotech Developers Limited board approves merger of 9 subsidiaries

The Board of directors of Macrotech Developers Limited at its meeting held on December 11, 2021, has considered and approved the Scheme of Merger by Absorption ('Scheme') of its nine wholly owned subsidiaries i.e. Anantnath Constructions and Farms Private Limited, Sitaldas Estate Private Limited, MMR Social Housing Private Limited, Bellissimo Estate Private Limited, Renovar Green Consultants Private Limited, Kora Constructions Private Limited, Luxuria Complex Private Limited, Odeon Theatres and Properties Private Limited, and Palava Industrial and Logistics Park Private Limited(collectively called Transferor Companies) with Macrotech Developers Limited ('Transferee Company') and their respective shareholders.

The entire share capital of the Transferor Companies is held directly by the Transferee Company. Upon the Scheme becoming effective, no shares of the Transferee Company shall be allotted in lieu or exchange of the holding of the Transferee Company in the Transferor Companies and the issued and paid-up capital of the Transferor Companies shall stand cancelled on the Effective Date without any further act, instrument, or deed.

The Scheme is subject to necessary statutory and regulatory approvals including the approvals of Hon'ble National Company Law Tribunal. Since, the Transferor Companies are wholly owned subsidiaries of the Transferee Company, no consideration shall be discharged by the Transferee Company pursuant to the Scheme of merger.

Shares of Macrotech Developers Limited was last trading in BSE at Rs. 1409.10 as compared to the previous close of Rs. 1434.55. The total number of shares traded during the day was 2572 in over 440 trades.

The stock hit an intraday high of Rs. 1449.90 and intraday low of 1400.00. The net turnover during the day was Rs. 3657807.00.

Source : Equity Bulls

Keywords

MacrotechDevelopers INE670K01029 LODHA Realty RealEstate Merger Subsidiaries