Agre Developers to set up logistics parks and whole sale markets

Agre Developers has received board’s approval at its meeting held on May 26, 2011 to set up logistics parks and whole sale markets with a focus on the top eight cities in the country. The board took on record the plans of the company to strengthen its presence in real estate development and expand into infra logistics, wholesale markets in addition to strengthening its presence in retail infrastructure, mall management and project management.

The company also received approval for the scheme of arrangement with Future Realtors (India)(FRIPL), Prudent Vintrade (Prudent) and AIGL Holdings (AIGL) and their respective shareholders and creditors (scheme), and further subject to approval of High Court of Bombay and such other regulatory approvals as may be necessary, to merge FRIPL, Prudent and AIGL with the company.

The board has approved the scheme of arrangement with a view to strengthen the company’s asset base and financials of the company and presence in retail infrastructure and real estate development.

Further, for arriving at the exchange ratio, the board has been advised by Enam Securities and Singhi & Co, Chartered Accountants and based on the valuation reports, the board considered and proposed the exchange ratio under the scheme and accordingly shareholders of FRIPL, Prudent and AIGL will receive 0.9499, 22.8112 and 804.3096 equity shares of Rs 10 each respectively in company for every equity share of Rs 10 each held in FRIPL, Prudent and AIGL respectively.

Agre Developers provides comprehensive mall / property management services in India including positioning and mall advisory services. The company is engaged in setting up over two dozen shopping malls and consumption centers, all of which will be operational by this year.

FRIPL through its subsidiaries and associate companies is engaged in the business of development and leasing of retail real estate properties and development of integrated townships in India. Currently FRIPL has ready leased and under development retail assets of 0.8 mn sq ft and 0.3 inn sq ft leasable area respectively.

Prudent and AIGL through their subsidiaries and associate companies hold 23% of the equity of Riverbank Developers, a special purpose vehicle that is developing an integrated township called Calcutta Riverside at Batanagar in Kolkata. This township is spread over an area of 262 acres and has been promoted by the Hiland and Belani Groups in joint venture along with Kolkata Metropolitan Development Authority.