Citadel Realty and Developers Limited’s Board of Directors has approved a proposal to transfer a freehold land parcel of approximately 1880.80 Sq.mt situated at Bhandup to a related party. This transaction is valued at market value / stamp duty value and is subject to shareholder approval. The board also approved a revised notice for the Annual General Meeting. The transaction is considered part of the company’s business strategy to improve cash flow and shareholder value.
Material Related Party Transaction Approved
The Board of Directors of Citadel Realty and Developers Limited met on August 25, 2026, to discuss and approve several key business matters. A significant outcome of the meeting was the approval of a proposal for the Transfer of land comprising a freehold land parcel measuring approximately 1880.80 Sq.mt located in Bhandup.
Transaction Details and Shareholder Approval
This land parcel is being transferred to a related party, Shree S S Infra Developers Private Limited. The terms of the transaction, including the material terms, will be mutually decided by both parties through a definitive agreement to be executed. The transfer is to be conducted at market value / stamp duty value of the land. Crucially, this transaction is contingent upon obtaining the necessary approval from the shareholders.
Strategic Rationale
The company stated that the transfer of land at market value is undertaken in the ordinary course of business and on an arm’s length basis. This transaction is viewed as part of the company’s business strategy aimed at improving cash flow, which is expected to result in an increase in shareholders’ value. The value of the proposed transaction represents 30% of the listed entity’s annual consolidated turnover for the immediately preceding financial year.
AGM Notice Revised
In addition to the land transfer, the Board also approved a revised Notice of the Annual General Meeting with an addition to the agenda. The Board meeting commenced at 06:00 PM and concluded at 06:30 PM on August 25, 2026.
Source: BSE
