Indiabulls Real Estate Receives Court Sanction for Dev Development Property Acquisition
Indiabulls Real Estate has announced that the Justice of the High Court of the Isle of Man in England has sanctioned its proposal to acquire 100% of the shares of Dev Development Property (DPD). This acquisition, previously announced several months prior, is estimated to be valued at approximately $270 million.
Acquisition Details
The finalization of the acquisition process will involve the issuance of 13.8 crore new shares of DPD and the simultaneous cancellation of the existing shares. DPD is currently listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
Dev Development Property's Focus
DPD's primary investment focus revolves around commercial real estate developments specifically designed for IT and ITeS enterprises. Additionally, DPD invests in residential complexes situated within Tier-1 cities across India. Notably, several projects have intersected by shared investments between DPD and Indiabulls within the Indian market, strengthening their existing connection.
About the Acquisition
Indiabulls Real Estate had initially unveiled the acquisition plan some months ago. The acquisition's value has been placed at approximately $270 million, marking a significant investment by Indiabulls. The firm has stake in some of Indiabulls’ projects in India.