A real estate developer has acquired 9.03 acres of land in Coimbatore through a combination of share purchases and direct land acquisitions for Rs 370.17 crore.
The developer completed the acquisition of 100% equity share capital of multiple land-owning entities in Coimbatore. These entities collectively hold 7.08 acres, and the developer additionally acquired 1.95 acres directly from individuals, bringing the total to 9.03 acres.
Following the transaction, the ownership structure of the developer stands at 67.1% and 32.9% for the two main investors. The acquired land is expected to be used for the company’s retail development expansion in Tamil Nadu.
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