Sunteck Realty Ltd

Sunteck Realty Limited (SRL) is one of the fastest growing real estate development companies with focus on city centric developments well spread-out across Mumbai Metropolitan Region (MMR). The Company's business focuses on designing, developing and managing premium residential and commercial properties. It is presently engaged in the real estate development and construction of residential and commercial projects. The corporate business centers of the company include Sunteck Centrako and Sunteck Certainty. The residential projects of Sunteck include Signature Island and Residential Complex. The commercial projects of the company include Sunteck Centre and Sunteck Grandeur. Their developmental activities cover the major metros and mini metros of India including Mumbai, Nagpur and Goa. Sunteck Realty Ltd was incorporated on October 1, 1981 as a private limited company with the name of Insul Electronics Pvt Ltd. In February 15, 1985, the company was converted into public limited company and the name was changed to Insul Electronics Ltd. In July 1985, the shares of the company were listed on the Bombay Stock Exchange. In the year 2005, the company was taken over by Manisha Khetan through an open offer and the name of the company was changed to Sunteck Realty & Infrastructure Ltd with effect from April 26, 2006. During the year 2006-07, the company entered into into a joint venture on 50:50 partnership with Kanaka and Associates to develop a shopping cum commercial complex at Patto Plaza, North Goa. They acquired 50% equity stake of Satguru Infocorp Services Pvt Ltd, which was engaged in the business of providing international Business Commercial centres mainly in the Bandra Kurla Complex, Mumbai. Also, they acquired 26% stake in the equity of Samhrutha Habitat Infrastructure Pvt Ltd. During the year 2007-08, the company entered into an agreement with Alpex International Ltd and promoted a joint venture company, namely Piramal Sunteck Realty Pvt Ltd with equal capital participation for venturing into the business of Real Estate development, infrastructure and related activities. During the year, the company acquired property at S V Road, Andheri and entered into a development agreement for property at Western Express Highway, Borivali (East), Mumbai for development of commercial complexes. In November 29, 2007 the name of the company was further changed to Sunteck Realty Ltd. During the year 2008-09, two companies, namely Satguru Corporate Services Pvt Ltd and Amrut Consultancy Pvt Ltd (Amrut) were amalgamated with the company with effect from June 01, 2008. Consequent upon the merger of Amrut with the company, Magenta Computer Software Pvt Ltd and Amenity Software Pvt Ltd became 100% subsidiaries of company. Also, the company was holding 50% stake in Satguru Infocorp Services Pvt Ltd and the balance 50% stake was held by Amrut. As a result of the merger of Amrut with the company, Satguru Infocorp Services Pvt Ltd became wholly owned subsidiary of the company. In December 24, 2008, the company acquired 60% stake in Starlight Systems Pvt Ltd to further their business objectives. The company joint venture company Piramal Sunteck Realty Pvt Ltd signed a 50:50 JV agreement with Oman's leading business group W.J. Towell for developing high-end mixed-use properties at premium locations in Muscat. During the year 2009-10, the company initiated their first citywide billboard campaign in Mumbai which started with corporate branding and followed through, with project launch sites. They have also started participating in property exhibitions in a big way. During FY 2014-15 the Company acquired 100% stake in Starteck Lifestyle Pvt Ltd. Further the Company acquired 100% control in Advaith Infraprojects Pvt Ltd and its subsidiary Satguru Corporate Services Pvt Ltd., which holds 16 acres land parcel in Goregaon (W). During the year 2014-15, the company completed 2 more projects i.e. a commercial project Sunteck Kanaka' in Goa and a residential project Signia Skys' in Nagpur. Consequently, it completed 6 projects till date with a total project size of over Rs 30 billion. During the year 2016, the company completed its second residential project at Bandra -Kurla Complex (BKC) i.e. Signia Isles', with a developed area of about 0.53 million sq ft. Consequently, the company has completed 7 projects till date totaling to a delivery of ~2.5 million sq ft. The Equity Share Capital of the Company was sub-divided, 1 Equity Share of nominal value of Rs. 2/- each into 2 Equity Shares of Re.1/- each only thereby 6,29,92,735 paid up Equity Shares of Rs. 2/- each were sub-divided into 12,59,85,470 Equity Shares of Re. 1 each w.e.f. 26th July 2017. During the year 2017, the Company allotted 1, 55, 27,950) Equity Shares of Re. 1/- per share to the Qualified Institutional Buyers on 31st October 2017 through a Qualified Institutions Placement in accordance with Chapter VIII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. All issued shares rank pari- passu to the existing shares of the Company in all respects. The Company allotted 46,67,697 equity shares of face value Re. 1/- to Promoter Group Entities under Preferential Issue on 7th December, 2017 under Chapter VII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. The said shares shall rank pari-passu the existing shares of the Company in all respects. During FY 2018, the company issued ~ Rs 150 lakh Equity Shares at Rs.322 each aggregating to ~Rs 50,000 lakhs to Qualified Institutional Buyers and ~ Rs 46 Lakh Equity Shares at Rs.323.5 each aggregating to ~Rs 197 lakhs.During the year 2019, the Company had 20 subsidiaries including step down subsidiaries, 2 LLPs where Company exercises significant control and 2 Associates/Joint Ventures of which 1 Company is Joint Venture entity in UAE. During the year 2019, the Company had 20 subsidiaries including step down subsidiaries and 2 LLPs. As on 31st March, 2020, the Company had 18 subsidiaries which includes 3 foreign companies and 4 LLPs. During year 2020, Pursuant to approval by Board of Directors, the Company had filed a petition, with National Company Law Tribunal (NCLT), Order dated 8th August, 2019 regarding the Scheme of Merger by Absorption of Amenity Software Private Limited, Magenta Computer Software Private Limited and Sunteck Fashions and Lifestyle Private Limited, being the wholly owned subsidiaries of the Company, which itself were merged with the Company. During the year 2020, the Company constituted a joint venture viz. Yukti Infraprojects LLP and acquired a wholly owned subsidiary viz. Magnate Industries LLP. As on 31st March, 2021, the Company had 19 subsidiaries which includes 3 foreign companies and 4 LLPs. During 2021, Company acquired Shivay Brokers Private Limited which became a step down wholly owned subsidiary of the Company. In 2021-22, the Real Estate Firm acquired about 110 acres on Pen-Khopoli Road, in Mumbai Metropolitan Region (MMR). It acquired a 50-acre land parcel at Shahad, Kalyan to build a 10 million sq ft residential township with a revenue generation of around Rs 9,000 Crore. It acquired 50 acres in Vasai (West) with 4.5 million sq ft development potential. During the year 2021-22, the Company through its wholly owned subsidiary, Mithra Buildcon LLP, acquired 100% Equity Shares and Compulsorily Convertible Debentures, representing 100% on a fully diluted basis, of Industele Property Private Limited, pursuant to which Industele, became a step down Subsidiary of the Company. Industele acquired 99% equity stake in Rammit Corporate Solutions Private Limited by conversion of 100 Optionally Convertible Debentures into 10,00,000 Equity Shares of Face Value of Rs 10 each. As a result of such conversion, Rammit and Prija Trading Private Limited (Prija), a wholly owned subsidiary of Rammit, became step down Subsidiaries of the Company. Prija ceased to be a step down subsidiary of the Company due to the Scheme of Amalgamation of Prija (Transferor Company) with Rammit (Transferee Company). During the year 2021-22, Sunteck Lifespace Private Limited and Sunteck Infracon Private Limited became the wholly owned subsidiaries of the Company. Post 31st March, 2022, Sunteck Realtors Private Limited became the wholly owned subsidiary of the Company. Further, Starlight Systems (I) LLP, a wholly owned subsidiary of the Company was converted into a Private Company Limited by Shares i.e. Starlight Systems (I) Private Limited with effect from 29th April, 2022 and it continues to be the wholly owned subsidiary of the Holding Company. During FY23, Sunteck launched two new projects, Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road. During the year 2023, the Company through its wholly owned subsidiary, Clarissa Facility Management LLP, acquired 100% equity shares of Rusel Multiventures Private Limited, pursuant to which Rusel, became a step down subsidiary of the Company. Post 31st March, 2023, Magnate Industries LLP, a wholly owned subsidiary of the Company converted into a Private Company Limited by Shares i.e. Maganate Industries Private Limited effective 17th May, 2023, which continues to be wholly owned subsidiary of Company. Read More