Lodha Developers Limited announced that its subsidiary, Thane Commercial Tower A Management Private Limited, has ceased to be a wholly owned subsidiary. This change took effect on June 10, 2026. The subsidiary was established to manage infrastructure and facility services for the “Lodha iThink-Tower A” project in Thane. The company is transferring equity shares to unit holders per the MOFA Act, reflecting their ownership in the project.
Subsidiary Status Update
Lodha Developers Limited, formerly known as Macrotech Developers Limited, has informed stakeholders about a significant change concerning one of its subsidiaries. Thane Commercial Tower A Management Private Limited (“Thane Commercial”) is no longer a wholly owned subsidiary of the company, effective June 10, 2026.
Project Rationale and Transfer of Ownership
Thane Commercial was originally incorporated with the specific purpose of managing the infrastructure, facility management, and allied services for the commercial building known as “Lodha iThink-Tower A”. This prominent project is located at Eastern Express Highway, Chirak Nagar, Thane (W). In line with contractual agreements with the respective unit holders of the Project and provisions of the Maharashtra Ownership Flats Act, 1963 (MOFA), Lodha Developers Limited has initiated or will initiate the transfer of proportionate equity shares of Thane Commercial. These transfers are directly correlated to each unit holder’s ownership stake in the Project.
Transaction Details
The announcement further details the nature of this transaction as required by SEBI regulations. For the financial year ending March 31, 2026, Thane Commercial reported Nil turnover or revenue. The net worth contributed by the subsidiary as of March 31, 2026, was ₹(1.25) lakh. The agreement for the sale of rights was entered into, and the transaction is pursuant to the transfer of rights under Section 11 of MOFA. The expected completion date for the sale or disposal of these rights is set for Before August 31, 2026. No specific consideration was received for this sale/disposal, as the buyers are the Designated Unit holders of the premises. Importantly, none of the buyers belong to the promoter, promoter group, or group companies of Lodha Developers Limited. The transaction is not considered a related party transaction and is conducted at arm’s length. The sale, lease, or disposal of the undertaking is not part of a Scheme of Arrangement and is not a slump sale requiring additional disclosures for amalgamation or merger.
Source: BSE
