NEW DELHI: 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.
The company is in the process of filing an appeal before the commissioner of income tax (appeals), against the said orders within the prescribed timelines. It has legal and factual grounds to substantiate its case and is in the process of evaluating the implications of these orders on the financial statements. There is no impact on operations or other activities.
