Ajmera Realty & Infra India Ltd (ARIIL) issued additional equity shares as a marginal gain to its stakeholders. This is due to the de-merger between ARIIL and its 100% subsidiary – Radha Raman Dev Ventures Pvt Ltd.
The de-merger was approved by NCLT on the 4th of July 2024. As per the scheme of Arrangement, ARIIL has allotted 1 equity share with the face value of INR 10 each against every 50 shares held to its equity shareholders. The record date for finalizing the same was set as the 2nd of August 2024 by the company. Additional 7,09,698 equity shares have been issued by ARIIL and therefore the expanded capital now at 3,61,94,573 equity shares of ARIIL.
This de-merger is for transfer of an undertaking of 6.5 acres of land at I-land Wadala. The plan is to develop a mix-use project on this 6.5-acre land. Through this demerger, it is proposed to segregate business pertaining to the development of a mix-use project into a separate company i.e. 100% subsidiary – Radha Raman Dev Ventures Pvt Ltd to leverage the growth potential of the project to its optimum.
Commenting on the same, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said “The de-merger is a strategic move decided in the best interest of the company’s growth and development. Resultant of the de-merger, the marginal gain of 1 additional share for every 50 shares held i.e. 2% monetary gain has been achieved by the shareholders. As a company, we remain committed in our endeavour to leverage the high-octane growth of the real estate sector in our favour and bolster our growth momentum.”
