The Board of Directors of SignatureGlobal (India) Limited (SGIL) approved two major transactions on March 29, 2026. First, the acquisition of the ‘Residential Project’ from its wholly-owned subsidiary, Gurugram Commercity Limited (GCL), for ₹50 Crores via a slump sale. Second, SGIL approved the sale of 35,69,731 equity shares in GCL to Millennia Realtors Private Limited (RMZ) for ₹56.70 crores, causing GCL to cease being a wholly-owned subsidiary.
Board Approves Key Real Estate Transactions
The Board of Directors of SignatureGlobal (India) Limited (SGIL) met on March 29, 2026, to approve significant strategic transactions following the initial announcement made on February 14, 2026.
Acquisition of Residential Project
SGIL approved the acquisition of the “Residential Project” from its subsidiary, Gurugram Commercity Limited (GCL). This transfer is structured as a slump sale on a going concern basis for a lumpsum consideration totaling ₹50,00,00,000 (Rupees Fifty Crores only). The project involves the transfer of development rights over approximately 7.513 acres of land in Village Fazilpur, Sector 71, Gurugram, Haryana, along with underlying Floor Space Index (FSI) equivalent to 16,42,484 square feet.
To finalize the transfer, SGIL and GCL entered into a Business Transfer Agreement (BTA) and a Joint Development Agreement, among other associated documents.
Related Party Disclosure
It was noted that since GCL is a wholly-owned subsidiary, this transaction is classified as a related party transaction, which has been confirmed to be executed at “arm’s length”.
Change in Subsidiary Status
In a subsequent and related move, the Board approved the transfer and sale of equity shares held by the Company in GCL to Millennia Realtors Private Limited (RMZ).
- Shares Sold: 35,69,731 equity shares (face value of ₹10 each).
- Sale Price: ₹158.84/- per equity share.
- Total Consideration: Aggregating to approximately ₹56.70 crores.
Upon the completion of this sale, GCL will cease to be the wholly-owned subsidiary of SGIL.
Revision of Overall Transaction Value
The overall consideration agreed upon with RMZ for acquiring 50% of GCL’s share capital, previously announced as up to ₹1283 Crores, has been revised. The Agreed Consideration now stands revised to up to approximately ₹1293.47 crores (Final Consideration), subject to closing adjustments.
RMZ’s investment structure remains a combination of investing approximately ₹1236.77 crores via subscription of GCL securities, and purchasing securities from SGIL for up to ₹56.70 crores (as detailed above).
Meeting Summary
The Board meeting commenced at 18:18 Hours and concluded at 18:48 Hours on the date of the announcement.
Source: BSE
