Bengaluru-based Shriram Properties has received approval from the SEBI to acquire 13.38 lakh equity shares of Shriram Properties Holdings Private Limited (SPHPL) from the Shriram Group Executive Welfare Trust (SGEWT), another promoter of SPL.
The transaction will not change the overall shareholding structure or control of SPL, said the company in a regulatory filing.
Murali has already acquired 531,531 shares from SGEWT. With this acquisition, Murali now holds 48.47 per cent of SPHPL’s equity, which translates to a 13.44 percent stake in SPL. This inter-se promoter transfer will be completed in one or more tranches within a year, it added.
Further, the company will continue to retain its current name and has recently adopted its own independent identity.
