M&A

M&A

Prestige Estates acquires 100% stake in Ariisto Developers's Mulund project

BSE Disclosure  

Publicly listed realtor Prestige Estates Projects Ltd is to acquire 100% stake in Ariisto Developers Pvt Ltd for undertaking a realty Project in Mulund, Mumbai for INR 2 lakh. The acquisition has been through a corporate insolvency resolution process of Ariisto, which was approved by the Committee of Creditors and subsequently by National Company Law Tribunal (NCLT). As per the terms of the resolution plan, the company will pay INR 370 crore to the lenders of the Project along with 800,000 sq ft commercial space to be developed as part of the project. The project to be undertaken by the company comprises a mix of residential and commercial use and has a potential saleable area of approximately 7.5 million square feet.