Prozone Realty Limited has announced the approval of a special resolution by its shareholders for the disinvestment and sale of its stake in material subsidiaries and the hiving off of identified assets of select subsidiaries. This strategic move includes the sale of the entire shareholding in Kruti Realtors and Developers Private Limited, Alliance Mall Developers Co. Pvt. Ltd., and Empire Mall Private Limited. The aggregate gross consideration for this transaction is up to approximately ₹1,242.50 Crore (Rupees Twelve Hundred Forty Two Crores Fifty Lakhs only), subject to adjustments for other assets and liabilities on closing, excluding applicable taxes. The sale is to be executed under definitive agreements with Inorbit Malls (India) Private Limited or its affiliate(s) as the purchaser. As part of the restructuring, the company will hive off its 'Land Assets' into separate special purpose vehicles. Specifically, 'Empire Mall Private Limited' will transfer its vacant land parcel of approximately 26,047.39 sq. mt. (6.4 acres) to 'Hagwood Commercial Developers Private Limited' (HCDPL), and 'Alliance Mall Developers Co. Private Limited' will transfer its ongoing residential project, club house, and land for future development totaling 39,753.50 sq. mt. (9.82 acres) to 'Prozone Horizons Private Limited' (PHPL). These hive-offs are intended to preserve future development potential while enabling efficient monetization of operational mall assets. Upon completion of the disinvestment and hiving off, Kruti, Alliance, and Empire will cease to be subsidiaries of Prozone Realty Limited. The Board of Directors has been authorized to take all necessary steps to implement this resolution.
