NEW DELHI: Ajmera Realty & Infra India (ARIIL) has issued additional equity shares as a marginal gain to its stakeholders. This is due to the de-merger between ARIIL and Radha Raman Dev Ventures, a 100% subsidiary.
The de-merger was approved by NCLT on the July 4, 2024. As per the scheme of arrangement, ARIIL has allotted one equity share with the face value of Rs 10 each against every 50 shares held to its equity shareholders.
Dhaval Ajmera, director of the company said “The de-merger is a strategic move decided in the best interest of the company’s growth and development. Resultant of the de-merger, the marginal gain of one additional share for every 50 shares held i.e 2% monetary gain has been achieved by the shareholders.”
Additional 7,09,698 equity shares have been issued by ARIIL and therefore the expanded capital now at 3,61,94,573 equity shares of ARIIL.
This de-merger is for transfer of an undertaking of 6.5 acres of land at I-land Wadala. The plan is to develop a mix-use project on this land. Through this demerger, it is proposed to segregate business pertaining to the development of a mix-use project into a separate company i.e 100% subsidiary – Radha Raman Dev Ventures.
