Nov 07, 2024 12:06 PM IST
Macrotech Developers Ltd enters into agreements for acquisition of Bain Capital’s stake in 3 joint entities under digital infrastructure platform for ₹307 crore
Macrotech Developers Ltd, that sells real estate properties under the Lodha brand, has acquired Bain Capital’s stake in three industrial and logistics park entities for ₹307 crore in line with its objective of controlled expansion in the industrial and logistics sectors under the Lodha Industrial and Logistics Park (LILP) brand, the company said in a regulatory filing.
This acquisition involves purchasing Bain Capital’s interests in three Digital Infrastructure Platform entities: Bellissimo Digital Infrastructure Development Management Pvt. Ltd., Palava Induslogic 4 Pvt. Ltd., and Bellissimo In City FC Mumbai 1 Pvt. Ltd., facilitated through Securities Purchase Agreements (SPAs), it said.
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The total consideration for this acquisition is approximately ₹307 crore. The agreement includes acquiring a 30% equity stake in Bellissimo Digital Infrastructure Development Management Pvt. Ltd. for ₹22 crore to be completed within 30 days, a 33.33% equity stake in Palava Induslogic 4 Pvt. Ltd. for ₹189.88 crore, and a 33.33% stake in Bellissimo In City FC Mumbai 1 Pvt. Ltd. for ₹95.12 crore.
Anticipated timelines
Each acquisition is structured as a cash transaction that does not require additional regulatory approvals, with anticipated completion timelines ranging from 30 to 180 days, the company said in a regulatory filing.
This acquisition follows Lodha’s recent acquisition of Ivanhoe Warehousing India Inc.’s stake in these entities, reinforcing the company’s dedication to enhancing annuity income streams within the digital infrastructure sector.
Macrotech Developers has a significant presence in the residential segment. It is also developing offices, malls and logistics parks to grow its rental income.
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