Dubai Outlet Mall

Dubai Outlet Mall
PTI NEW DELHI, October 21, 2017 18:52 IST

Updated: October 21, 2017 18:52 IST

Realty firm Anant Raj Ltd. has acquired 26% additional stake in its shopping mall at Kirti Nagar in the national capital from Lalea Trading Ltd., Cyprus for ₹225.42 crore.

Anant Raj Ltd. will now have 100% stake in its subsidiary Anant Raj Projects Ltd, which holds this shopping mall (known as Moments Mall). Earlier, the company had 74% stake in Anant Raj Projects while Lalea Trading had 26%.

According to a regulatory filing, Anant Raj has acquired 1,75,676 equity shares of Anant Raj Projects Ltd. at ₹2,258 each.

Preference shares

It has also bought 6,37,964 compulsorily convertible preference shares at ₹2,258 each as well as 37,59,459 fully convertible debentures at ₹110.94 each of Anant Raj Projects Ltd. from Lalea Trading “for a total consideration aggregating to ₹225.42 crore.”

The consideration was paid in cash. Anant Raj Projects will become wholly-owned subsidiary of the company, according to the filing.

The networth and turnover of Anant Raj Projects Ltd. stood at ₹270.15 crore and ₹29.24 crore respectively in the fiscal year 2016-17.

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