Embassy Developments Limited has entered into a Share Purchase Agreement with Pen India Limited for the sale of its wholly owned subsidiary, Sepset Real Estate Limited. The transaction, valued at ₹100 crore, is expected to be completed within 60 days, subject to conditions precedent.
Sepset Real Estate Limited owns the commercial project ‘Mega Mall’ located in Jodhpur, Rajasthan. During the financial year ended March 31, 2025, Sepset contributed a turnover of ₹18.55 crore and a net worth of ₹(-)114.07 crore, representing 0.85% and (-)1.22% of Embassy Developments‘ consolidated figures, respectively.
The sale is part of Embassy Developments’ strategy for active portfolio management and disciplined capital allocation. The monetisation of Sepset is expected to unlock value, strengthen the balance sheet, and enable the redeployment of capital into core markets and high-growth opportunities, ultimately enhancing shareholder returns.
Pen India Limited, the purchaser, does not belong to the promoter or promoter group of Embassy Developments, and the transaction does not fall within the ambit of a related party transaction. The deal is conducted outside the purview of a Scheme of Arrangement, and Sepset does not meet the threshold limits of an ‘Undertaking’ under Section 180(1)(a) of the Companies Act, 2013, and Regulation 37A of the SEBI LODR Regulations.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).