allworld.mediaNews from all over the world
Capital Group Fund acquired 1.95% of Sri Lotus Developers shares for 190 crore rupees
Read more
Business Standard
business-standard.com

Capital Group Fund acquired 1.95% of Sri Lotus Developers shares for 190 crore rupees

The Smallcap World Fund Inc, managed by the investment manager Capital Group, purchased a 1.95 percent stake in Sri Lotus Developers & Realty. This transaction was conducted on the open market at a price of approximately 199 rupees per share and cost about 190 crore rupees.

The acquisition occurred against the backdrop of the sale of 97.70 lakh shares, which accounts for 2 percent of the company's total issued and paid-up share capital. The sale was carried out by promoter Anand Kamalnayan Pandit to comply with the requirements of the Securities and Exchange Board of India regarding the minimum level of public float.

Shares of this Indian developer, based in Mumbai, closed on the BSE at 207 rupees per unit on Thursday, valuing the company at 10,116.58 crore rupees. Thanks to the sale, Pandit reduced the promoter's and group promoters' stake from 81.87 percent to 79.87 percent.

Previously, Sri Lotus Developers, specializing in elite residential redevelopment in Mumbai, reported preliminary sales worth 408 crore rupees in the first quarter of 2026-27 (Q1FY27). This figure demonstrated a growth of 567 percent compared to the same period last year. Profit after tax increased by 71 percent, reaching 44 crore rupees.

As of the end of the quarter, the company had approximately 623 crore rupees in net cash and no net debt. The company's EBITDA margin estimate was 36 percent, and return on equity reached 26 percent.

The company has a portfolio of 20 projects with a cumulative gross construction value of about 20,000 crore rupees. These projects are located in Mumbai markets, including Juhu, Versova, Carter Road, Bandstand, and Prabhadevi. Sri Lotus forecasts a compound annual growth rate (CAGR) of 82 percent and a compound annual growth rate of profit after tax of 73 percent for the period from fiscal year 26 to fiscal year 29.

The company is counting on redevelopment opportunities within the Mumbai Metropolitan Region (MMR). According to the company itself, there are about 13,500 buildings awaiting redevelopment in Mumbai, with less than 7 percent of the potential opportunity having been realized.

Similar stories

International Bank of Azerbaijan (ABB) acquired 51% stake in Davr Bank for 1.65 trillion sums
Read more
uzdaily.uz

International Bank of Azerbaijan (ABB) acquired 51% stake in Davr Bank for 1.65 trillion sums

The International Bank of Azerbaijan (ABB) completed the deal to acquire a 51% stake in Uzbekistan's Davr Bank for 1.646 trillion sums, equivalent to approximately 140 million US dollars.

This transaction was officially formalized on September 10 at the Tashkent Republican Stock Exchange. The acquisition was carried out through six consecutive deals, resulting in ABB purchasing 51 million ordinary shares of Davr Bank at a fixed price of 32,281.28 sums per share.

The completion of the deal was announced on August 23 during a meeting between the President of Uzbekistan, Shavkat Mirziyoyev, and the President of Azerbaijan, Ilham Aliyev. During this meeting, a video presentation of joint projects of the two countries was shown. Both presidents participated in an online ceremony dedicated to the opening and laying of the foundation for Azerbaijani investment projects in Uzbekistan, among which was Davr Bank.

Ilham Aliyev noted at that time that the leading Azerbaijani bank had entered the Uzbek market. A day earlier, the Minister of Economy of Azerbaijan, Mikayil Jabbarov, announced the planned entry of ABB into the banking market of Uzbekistan as part of the fourth Uzbekistan-Azerbaijan Regional Forum in Tashkent.

According to Jabbarov, an agreement was reached between the largest bank in Azerbaijan and the largest bank in the South Caucasus regarding partnership and the purchase of a stake in Davr Bank. He also emphasized the support for the project from the President of Uzbekistan, the regulator, the Central Bank, and the government.

ABB's entry into the Uzbek market coincided with the resumption of trading in Davr Bank shares. On August 27, the Tashkent Republican Stock Exchange reported the resumption of trading in the bank's securities after a five-year absence from the quotation list. The shares, identified by code UZ7050240009, were included in the listing under the ticker DRBK, and trading began on August 28.

Information about ABB's plans to acquire a controlling stake in Davr Bank became known in May. The State Bank of Azerbaijan planned to take control of 51% of the Uzbek bank in the second half of the year and begin operations in the country. The initial valuation of the deal was 100 million US dollars.

In June, Davr Bank shareholders approved the continuation of negotiations with ABB regarding the possible sale of a 51% stake. Davr Bank itself was registered in Uzbekistan in September 2001, and according to the Unified State Register of Enterprises and Organizations, its founders are several private individuals.

The bank's largest shareholder is the Chairman of the Supervisory Board, Lutfulla Ubayev, who owns 46.9% of the shares. Another 13.5% belongs to Mahfiza Ubayeva. The head of Davr Bank is Abdumadjid Samadov.

Popular