NCLT Clears Amalgamation Of Kingmaker Developers With Real Gem Buildtech

NCLT Clears Amalgamation of Kingmaker Developers with Real Gem Buildtech

The National Company Law Tribunal (NCLT) Mumbai bench has approved the scheme of amalgamation between Kingmaker Developers (KDPL), a wholly-owned subsidiary of Keystone Realtors, and Real Gem Buildtech (RGBPL).

On November 6, 2023, DB Realty entered into a share purchase agreement to divest its entire 100% stake in RGBPL, consisting of both equity and preference shares, to KDPL for a consideration of approximately Rs 231.42 crore.

Once the scheme takes effect, KDPL will no longer be a subsidiary of Keystone Realtors, and RGBPL will become its wholly-owned subsidiary.