M&A

M&A

Oberoi Realty arm’s Rs.273-Cr acquisition of Nirmal Lifestyle Realty gets NCLT nod

Economic Times  

The National Company Law Tribunal (NCLT) has approved the resolution plan proposed by an affiliate of listed property developer Oberoi Realty to acquire real estate development firm Nirmal Lifestyle Realty.The resolution plan involves paying around INR 273 crore to financial, operational, and other creditors. The company was admitted into the corporate insolvency resolution process (CIRP) in December 2021 with claims amounting to over INR 748 crore.Nirmal Lifestyle Realty's existing equity shares will be cancelled, effectively reducing its share capital to zero. Oberoi Constructions will then inject INR 1 lakh into Nirmal Lifestyle Realty by subscribing to new equity shares, thereby gaining full ownership of the company.