Peninsula Land, Delta Corp, AA Group to set up Rs 765-cr realty platform indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
The transaction values the apartment spread over 5,874 sq ft on the 10th and 11th habitable floor of super-luxury residential tower Bishopsgate at nearly Rs 1.45 lakh per sq ft, pushing it higher in the tally of most expensive homes sold on per sq ft basis anywhere in the country.
Delta Corp holding in the listed developer will move up to 4.88% post issuance of equity shares and 7.20% after the conversion of CCDs. Both equity shares and CCDs will be issued at Rs 44 each. Each CCD will be convertible on 16th April 2025 into one equity share.
Peninsula Land and Delta Corp also plan to collaborate for developing commercial and residential projects in Mumbai and Goa by setting up a joint venture wherein Delta will be the majority partner and the company will be the development manager on an arm s length basis.
Ashok Piramal Group company, Peninsula Land has reported a 362% year-on-year growth in consolidated net profit for the quarter ended June. The company has delivered over 10.6 million sq. ft. of real estate across key Indian property markets including Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa.