In a recent announcement, Godrej Properties has acquired 100% of the issued and settled-up share capital of Ceear Life Spaces (CLPL), as the company disclosed in a filing with the Bombay Stock Exchange (BSE).
Following this acquisition, CLPL will be responsible for the future development and advancement of land located in Thane.
Key Details of the Transaction
- With this acquisition finalized, CLPL is now a wholly owned subsidiary of Godrej Properties.
- The total consideration for the acquisition amounted to Rs 1 lakh.
- Godrej Properties acquired 10,000 equity shares at Rs 10 each, representing 100% of the paid-up equity share capital of CLPL.
The acquisition was executed according to the Share Purchase Agreement dated March 20, 2020, which was entered into with the investors and developers of CLPL.
Impact of COVID-19 In a separate regulatory filing, Godrej Properties acknowledged that its overall operations and functions have been negatively impacted due to the global outbreak of the Coronavirus Disease 2019 (COVID-19) pandemic and the subsequent lockdown in the country.
Company officials stated that, considering the restrictions imposed by the government, the operations of construction sites and the general functions of the business have been severely affected. They also noted that, given the evolving situation, the overall financial impact and its duration cannot be predicted with reasonable certainty.