LTG International to invest in Provogue India arm

Provogue India Ltd has announced that LTG International Ltd, promoted by Lewis Trust Group (United Kingdom) has entered into an agreement to invest Rs 56.97 Crores for a 3.36% stake in a step down subsidiary of Prozone Enterprises Pvt. Ltd. (Prozone-Liberty). This downstream subsidiary of Prozone- Liberty holds stake in four projects being developed in Aurangabad, Indore, Nagpur and Jaipur covering over approximately 16 million sq. ft.

Prozone Enterprise Pvt. Ltd. (subsidiary of Provogue (India) Ltd) is a Joint venture between Provogue (India) Ltd and Liberty International PLC which is a UK FTSE 100 listed property Company, with assets of over GBP 8 Billion of which regional shopping centers account for over 85% of the portfolio. Liberty owns 9 of the top 21 regional mixed use centers in the UK and are amongst the 20 largest REIT's in the world.

The Provogue India stock closed the day at Rs.137.55, down by Rs.2.50 or 1.79%. The stock hit an intraday high of Rs.142.10 and low of Rs.135.20.

The total traded quantity was 5863 compared to 2 week average of 3412.

Source : Equity Bulls

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