Piramal Enterprises Ltd arm acquires PRL Agastya Pvt Ltd

Piramal Capital & Housing Finance Limited ('PCHFL'), a wholly owned subsidiary of Piramal Enterprises Limited has acquired 100% stake in PRL Agastya Private Limited ('PRL Agastya') for Rs. 90 crores consequent to which, PRL Agastya is a wholly owned subsidiary of PCHFL.

PRL Agastya is engaged in the business of construction and development of real estate projects. Currently, PRL Agastya owns developed commercial building of ~7.44 lakh square feet of leasable area along with development potential of further up to ~70k square feet of leasable area.

PRL Agastya had total revenue of Rs. 3,139.01 lakhs for the year ended 31st March, 2022.

The objective of acquisition is to acquire office space. PRL Agastya has a ready to occupy office building as well as development potential for further space. This will help take care of current as well as future office space requirements of the Company and its subsidiaries.

Shares of Piramal Enterprises Limited was last trading in BSE at Rs. 858.00 as compared to the previous close of Rs. 858.00. The total number of shares traded during the day was 14348 in over 973 trades.

The stock hit an intraday high of Rs. 866.50 and intraday low of 855.05. The net turnover during the day was Rs. 12332293.00.

Source : Equity Bulls

Keywords

PiramalEnterprises INE140A01024 PEL Acquisition PiramalCapitalandHousingFinance PRLAgastya OfficeSpace