Mumbai , India :
Lloyds Enterprises Limited (LEL) has achieved a significant milestone by finalizing the acquisition of a 60.38% stake in Lloyds Realty Developers Limited (LRDL) on January 31, 2024. This move follows the decision made on December 6, 2023, to invest INR 110 crores in LRDL, aiming to strengthen LEL’s strategic presence within the real estate industry.
Details about the Acquisition:
- The investment, conducted at LRDL’s book value, involved injecting fresh funds without compensating existing LRDL shareholders, resulting in their dilution due to LEL’s new infusion of funds.
- As a result of this capital injection, LRDL has achieved a debt-free status.
- This all-cash transaction is expected to enhance LRDL’s operations in the foreseeable future.
About Lloyds Realty Developers Limited (LRDL):
- LRDL has established itself as a cornerstone of the Indian real estate sector, with a strong footprint in MMR, Pune, and Tamil Nadu since its establishment in 1994. Over the years, the company has distinguished itself by delivering over 2.5 million square feet of residential and commercial projects, leaving an enduring imprint on the real estate landscape.