Home Retail Mondon buys 50 pc mall stake worth Rs 2,493 million

    Mondon buys 50 pc mall stake worth Rs 2,493 million

    By  
    SHARE

    , the Indian subsidiary of Israel-based investor , has acquired 50 per cent stake of the company, which is involved in building a mall in Ludhiana.

    Confirming this development, a source close to Mondon Investment, said, “We have recently signed a memorandum of understanding (MoU) to acquire 50 per cent of the company’s stake, and accordingly Mondon will pay Rs 2,493 million to the company.”

    According to this plan, Mondon will own half of the company’s share and 49 per cent of its voting right.

    Initially, Mondon will invest Rs 1,735 million for the stake and the remaining amount will be paid through three unequal installments by January 2009.