Ajmera Realty: Additional 2% equity shares issued

08 Aug 2024 CW Team

Ajmera Realty & Infra India Ltd (ARIIL) has issued additional equity shares as a marginal benefit to its stakeholders due to the de-merger with Radha Raman Dev Ventures, a wholly-owned subsidiary. The de-merger was approved by the National Company Law Tribunal (NCLT) on July 4, 2024. Under the scheme of arrangement, ARIIL has allotted one equity share with a face value of Rs 10 for every 50 shares held by its equity shareholders.

Dhaval Ajmera, the director of the company, stated that the de-merger is a strategic move made in the best interest of the company's growth and development. He noted that as a result of the de-merger, shareholders have achieved a marginal gain of one additional share for every 50 shares held, equating to a 2% monetary gain. ARIIL has issued an additional 709,698 equity shares, bringing the total expanded capital to 3,619,457 equity shares.

This de-merger involves the transfer of a 6.5-acre land parcel at I-land Wadala, with plans to develop a mixed-use project on the site. The intention behind the de-merger is to segregate the business related to the development of this mixed-use project into a separate company, namely Radha Raman Dev Ventures, which will be a 100% subsidiary.

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