Prestige Group Acquires Land in Mira Bhayandar, Mumbai for Residential Development

Key Takeaways from the Acquisition

• Prestige Group buys 22,135 sq. meters of land in Mira Bhayandar, Mumbai, to build residencies near the Western Express Highway.
• The company will deliver approximately one million sq. ft. of residential carpet area in this development, with a strategic thrust on growth in key metropolitan markets.
• With this investment of approximately ₹291.58 crore, Prestige Group is looking to create a long-term value through high-quality urban home building.

The acquired land would be developed into a residential project covering nearly 1 million sq. ft carpet area. This acquisition pursues the vision and strategy of the Prestige Group to develop transformative living spaces that cater to the needs of modern urban residents and add long-term value to communities and stakeholders.

Speaking on the acquisition, Mr. Irfan Razack, Chairman and Managing Director of Prestige Group, commented, “We are thrilled to announce the expansion of our presence in Mumbai with the acquisition of this land parcel together with all rights. This development, with a projected 1 million square feet of carpet area, underscores our commitment to strengthening our footprint in the Mumbai region and meeting the evolving demands of modern urban living. This strategic addition will further our vision of creating transformative spaces that deliver long-term value to our communities and stakeholders.”

About Prestige Group

Prestige Group is one of the top realty firms in India with a legacy of more than three decades and experience in all the residential, office, retail, hospitality, and property management segments. They have already completed 302 projects and have a total developable area of 193 million sq, spread over more than 13 major locations in India. with over five decades of architectural excellence ft. as of September 2024. Prestige Group, known for quality and innovation, enjoys CRISIL DA1+ and ICRA A+ ratings, testifying to its high standing in the industry and commitment to excellence.

Key Takeaways from Bharti Airtel Penalty:

• Bharti Airtel has been fined Rs. 2.26 lakh by the Department of Telecommunications (DoT) for violating subscriber verification norms.
• The penalty follows a DoT audit of Customer Acquisition Forms (CAFs) for September 2024.
• The violation pertains to non-compliance with subscriber verification terms in Airtel's Licence Agreement.
• The financial impact of the penalty is limited to Rs. 2.26 lakh, and Airtel will take appropriate actions as required.

The notice, received by the company on November 14, 2024, follows a sample audit of Customer Acquisition Forms (CAFs) conducted by the DoT for the month of September 2024.

The penalty relates to non-compliance with the subscriber verification terms and conditions set out in the company’s Licence Agreement. 

The financial impact of the penalty on the company is limited to the amount of Rs. 2.26 lakh, as per the notice. Airtel has acknowledged the penalty and will take necessary actions in accordance with the regulatory requirements. 

About Bharti Airtel Limited:

Airtel is the largest communications solutions provider with more than 550 million customers across 17 countries in South Asia and Africa. It ranks among the top three global mobile operators, covering over two billion people. The portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fibre, and various enterprise solutions.

Key Takeaways from KPI Green Energy Bonus Issue:

• KPI Green Energy plans to issue bonus shares in a 1:2 ratio, i.e., one bonus share for every two existing shares.
• The bonus issue, valued at approximately Rs. 32.81 crore, will be funded from the company’s Securities Premium Account.
• Shareholder approval via postal ballot is required for the bonus issue and alterations to the Memorandum of Association (MoA).
• Bonus shares are expected to be credited or dispatched by January 14, 2025, subject to necessary approvals.

The bonus issue is subject to shareholder approval via a postal ballot. The company has also proposed to alter the Capital Clause (Clause V) in its Memorandum of Association (MoA) to accommodate the bonus issue.

The total value of the bonus issue is estimated at approximately Rs. 32.81 crore, which will be issued from the company's Securities Premium Account, as of March 31, 2024. Following the bonus issue, the company's paid-up share capital will rise from Rs. 65.63 crore to Rs. 98.44 crore.

The bonus shares are expected to be credited or dispatched within two months from the date of the Board's approval, on or before January 14, 2025, pending necessary approvals.

The Board has also authorised the conduct of a postal ballot process to seek approval from shareholders on the proposed resolutions. Further details, including the postal ballot notice, will be provided in due course.

About KPI Green Energy Limited:

KPI Green Energy Limited, a key player in the renewable energy sector, is part of the KP Group and specialises in solar and hybrid power generation. Established in 2008 and based in Gujarat, the company focuses on providing clean energy solutions through its Independent Power Producer (IPP) and Captive Power Producer (CPP) models. Under the brand ‘Solarism’, KPI Green Energy develops, builds, operates, and maintains solar power plants. The company is committed to sustainable energy, offering solutions that reduce electricity costs and improve efficiency. With a strong track record, KPI Green Energy continues to lead in the renewable power sector.

Key Takeaways from the Merger

• The company has sanctioned the merger of Paperboat Apps, Nazara mentioned. Kiddopia's early learning products have thus gotten a place under Nazara's roof in order to optimise synergies and strengthen the market position.
• Nazara reported healthy financials with ₹569 crore in revenue, EBITDA ₹50.1 crore, and PAT ₹41.7 crore from continuing operations.
• Nazara raised ₹900 crore through a preferential equity issue, enhanced its portfolio with strategic investments in Pokerbaazi, Absolute Sports (Sportskeeda), and esports community platform Stan.

Commenting on the merger, Nazara Technologies Founder and Managing Director, Nitish Mittersain, stated, “The merger of Paperboat Apps with Nazara is a pivotal step in our mission to lead the gamified early learning space with Kiddopia. This step also supports our focus on integrating core gaming operations to enhance cash flow flexibility, which we can leverage for further growth, both organic and inorganic."

In H1 FY25, Nazara reported impressive financials with revenues of ₹569.0 crore, an EBITDA of ₹50.1 crore, and a PAT of ₹41.7 crore from continued operations. The company is dedicated to sustainable and profitable growth through strategic mergers and acquisitions. Nazara in the quarter Q2 FY25 raised successfully a sum of ₹ 900 crore from a preferential equity issue by prominent investors, deepened their holding in the skill-based gaming platform, Pokerbaazi scaled up their stakes in Absolute Sports (Sportskeeda) and acquired minority stakes in the fast-growing platform, Stan.

About Nazara Technologies Limited

Nazara Technologies is India’s only listed gaming and esports company with majority ownership in multiple gaming and sports brands across India, the US, and other global markets. In esports, Nazara owns NODWIN Gaming and Sportskeeda/Pro Football Network, along with popular gaming IPs like Kiddopia and World Cricket Championship. Nazara also operates Datawrkz, an ad tech company, providing monetisation solutions to its brands and clients. Nazara continues to lead with a robust portfolio in interactive gaming, esports, and early learning platforms.

About Paperboat Apps

Paperboat Apps is the company behind Kiddopia. It offers a gamified learning platform that is engaging for young children and encompasses a vast number of educational activities that help children build essential skills with fun and interactiveness. Kiddopia thus establishes itself as a leader in early childhood education.