Elpro International Ltd., a prominent player in the Indian real estate and infrastructure sector, has announced its acquisition of EduSpace Services LLP. This strategic move marks a significant milestone in Elpro's journey to strengthen its presence in the real estate market. The transaction, valued at INR 214.14 crores, involves the acquisition of 100% partnership interest in EduSpace by Elpro International and its wholly-owned subsidiary, Elpro Realty Private Limited (formerly Faridabad Management Private Limited).

This development, disclosed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements, 2015, aligns with Elpro's broader vision to expand its portfolio and consolidate its real estate assets.

Details of the Transaction

1. About EduSpace Services LLP:
   EduSpace, established in November 2018, operates in the real estate and leasing sectors. Its turnover for the financial year 2023-24 stood at INR 6.68 lakhs, with operations limited to India.

2. Transaction Highlights:

   • Nature of Deal: Related party transaction.
   • Partnership Interest: EduSpace’s former partners include Mr. Surbhit Dabriwala (85%), IGE (India) Private Limited (14.9%), and Zenox Trading and Manufacturing Private Limited (0.1%).
   • Consideration: The acquisition will be settled in cash, with payments totaling INR 214.14 crores, including interest components.
   • Profit Sharing Post-Acquisition:
     • Elpro International Limited: 99.99%.
     • Elpro Realty Private Limited: 0.01%.

3. Strategic Rationale:
   The acquisition is part of Elpro's strategy to expand its footprint in the real estate market. EduSpace's assets complement Elpro's existing operations in property development and leasing, offering growth opportunities in a competitive industry.

Regulatory Compliance and Timeline

The transaction was approved through a Postal Ballot, with results declared on January 3, 2025. Elpro adhered to the SEBI Disclosure Circular dated July 13, 2023, ensuring complete transparency and compliance. The deal is expected to be completed by March 31, 2025, following the execution of definitive agreements.

Financial Details

The total consideration includes:

• INR 31.91 crores to IGE (India) Private Limited.
• INR 0.21 crores to Zenox Trading and Manufacturing Private Limited.
• INR 182.02 crores (plus interest of INR 36.40 crores) to Mr. Surbhit Dabriwala.

Conclusion

Elpro's acquisition of EduSpace is a calculated step to enhance its real estate offerings and shareholder value. With this strategic move, Elpro International reinforces its commitment to long-term growth in India's dynamic real estate sector.

For more details, visit Elpro International’s official website at www.elpro.co.in.

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