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According to a filing with the BSE, Godrej Properties (GPL) has augmented its ownership in Godrej Home Constructions (GHCL) by raising its equity share capital from 74 percent to 100 percent. This acquisition was made for a total amount of Rs 14.98 crore.
As per the official documents submitted to the regulatory authority, GHCL has acquired 26 percent of its paid-up equity share capital, equivalent to 221,545,870 equity shares valued at Rs 10 each, from an existing shareholder. As a result of the acquisition, GHCL is now a fully owned subsidiary of the company as of June 2, 2023.
The amount of GHCL's paid-up share capital stands at Rs 85.20 crore, while its revenue for the fiscal year 2022–23 amounted to Rs 5.06 crore.
The company has recently acquired the remaining 26 percent stake in the equity share capital of Wonder City Buildcon (WCBL), resulting in 100 percent ownership. A total of 2,90,21,528 shares with a face value of Rs 10 each, equivalent to 26 percent of the paid-up equity share capital of WCBL, have been purchased from an existing shareholder. The expense of obtaining the shares, or the cost price, amounts to Rs 45.13 lakh.
The acquisition was undertaken in compliance with the share-purchasing contract that was established on May 25, 2023, between the company and the WCBL shareholders.
GHCL, which was established on August 30th, 2013, is primarily involved in the construction, development, and marketing of residential projects in India, with its headquarters located in Mumbai. This is a company that is not publicly traded and falls into the category of a "company limited by shares”. In the fiscal year 2022–23, the company's revenue amounted to Rs 5.06 crore. The total authorized capital of the company is Rs 500 lakhs, with a paid-up capital of Rs 322.88 lakhs, accounting for 64.57% of the authorized capital.
After the acquisition, GHCL is now a company completely owned by the parent company. Godrej Properties is the division of the Godrej Group that deals with real estate. As of March 31, 2023, Godrej Industries owned a majority of 58.48 percent of the equity shares in this company, which operates as a subsidiary of Godrej Industries. The organization is presently functioning in multiple municipalities with an emphasis on constructing residential, commercial, and township structures.
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