With this acquisition, Sobha plans to execute a project in approximately 2.03125 acres of land situated at sector 106, Gurugram.
Sobha Developers (Pune) (SDPL), a wholly owned subsidiary of Sobha, has entered into a share purchase agreement with BNB Builders (BBPL) to acquire 100% equity shares of the company for Rs 29.5 crore, the company informed in a BSE filing.
With this acquisition, BBPL will become a wholly-owned subsidiary of SDPL and a step-down subsidiary of the company. This will also help the company to execute a project in approximately 2.03125 acres of land situated at sector 106, Gurugram.
In a separate regulatory filing, the company informed that it has received assessment orders from the income tax department for the assessment year (AY) 2016-17 and AY 2022-23 for Rs 13.12 crore and Rs 32.68 crore respectively, due to disallowances of certain expenses and other additions.
Source : ET
