Prozone Realty hits the roof after board approves acquisition of Probliss Realty
Probliss Realty operates in the construction, development, and real estate business. The purpose of the acquisition is to utilize the company for prospective projects or future business opportunities.
The company stated that the acquisition will be completed within 10 days, after which Prozone Realty will hold 100% shareholding, making Probliss a wholly-owned subsidiary.
Probliss has an authorized capital of Rs 10 lakh, divided into 1,00,000 equity shares of Rs 10 each. Following the transfer of shares, Probliss will fall under the definition of a related party. However, the proposed transaction is being executed on an arm's-length basis, the company clarified.
The official announcement was made on 15 April 2025, after market hours.
Prozone Realty (formerly Prozone Intu Properties) was established with the objective of creating, developing, and managing world-class regional shopping centers and associated mixed-use developments across India. The company holds a fully paid-up land bank of 15.32 million sq. ft. in prime locations across the country. Of this, approximately 2.1 million sq. ft. has been developed to date, with over 13.22 million sq. ft. currently under development.
The company reported a consolidated net profit of Rs 0.80 crore in Q3 FY25 as against a net loss of Rs 0.50 crore posted in Q3 FY24. Revenue from operations rose 8.4% YoY to Rs 44.85 crore recorded in the quarter ended 31 December 2024.
As of 16 April 2025, the company's market capitalization stood at Rs 507.40 crore on the BSE.
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