NEW DELHI (INDIA): Realty firm Mahindra Lifespace Developers Ltd has increased stake in its joint venture firm Mahindra Homes Pvt Ltd to nearly 75 per cent from 50 per cent.
Mahindra Homes Pvt Ltd is a 50:50 joint venture company of Mahindra Lifespace Developers and SCM Real Estate (Singapore) Pvt Ltd.
Mahindra Lifespace is a real estate arm of the Mahindra & Mahindra group.
In a filing to the BSE, the company informed that Mahindra Homes has allotted in its rights issue 411251 series A equity shares with voting rights.
As a result, the company’s shareholding in Mahindra Homes has increased form 50 per cent to 74.98 per cent.
Mahindra Lifespace informed that Mahindra Homes now has become its subsidiary and in turn a subsidiary of the parent company Mahindra & Mahindra.
Source: Press Trust of India