Upon completion of the transaction, Purva Ruby Properties will cease to be a wholly owned subsidiary of the company, according to an exchange filing.
Puravankara said it is in the process of finalising and executing the Share Purchase Agreement (SPA), which is proposed to be signed within 45 days from the date of the board approval. The company said it will update the stock exchanges after the execution of the agreement.
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The buyer, Prishal Office Parks III Private Ltd, is owned by ICICI Prudential Office Yield Optimiser Fund – AIF II, a Category II Alternative Investment Fund managed by ICICI Prudential Asset Management Company Ltd. The company said the buyer does not belong to its promoter, promoter group or group companies.
For the last financial year, Purva Ruby Properties reported a turnover of ₹25.39 crore, accounting for 1.06% of Puravankara’s turnover of ₹2,399.01 crore. The company said the subsidiary had a negative net worth, resulting in nil contribution to Puravankara’s net worth. The sale consideration is expected to be received after the execution of the Share Purchase Agreement.
Last month, Puravankara said it had secured a 14.57-acre land parcel in Mandur, Bengaluru, with a gross development value of ₹2,300 crore. Of this, 7.92 acres is part of a joint development agreement, while Purvankara has purchased 6.65 acres, the company said. The total saleable area for the entire project will be around 1.8 million square feet.
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The land parcel is located on the eastern corridor of Bengaluru near the Whitefield-Kadugodi micro-market, driven by infrastructure expansion and IT-led demand, it said. The location, off the Old Madras Road, offers convenient access to Whitefield, KR Puram, ITPL, the Outer Ring Road, key commercial hubs, and provides connectivity to Kempegowda International Airport, it added.
The company said the location is surrounded by renowned schools, healthcare facilities, premium gated communities and evolving lifestyle infrastructure. Puravankara said in FY26, it strengthened its development pipeline in Bengaluru via outright acquisitions and joint development agreements at Hennur Road, Anekal Taluk, Balagere East Bengaluru and KIADB Hardware Park with a cumulative estimated GDV of around ₹10,400 crore.
On Thursday (June 25), shares of Puravankara Ltd ended at ₹214.15, down by ₹0.60, or 0.28%, on the BSE.
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