Puravankara Board Approves Sale of Wholly-Owned Subsidiary Purva Ruby Properties for ₹145 Crore to ICICI Prudential-Backed Fund
Strategic Divestment of Non-Core Asset
Puravankara Limited announced that its Board of Directors approved the sale and transfer of its entire (100%) paid-up equity shareholding in Purva Ruby Properties Private Limited, a wholly owned subsidiary, for a valuation of Rs 145 crore. The decision was taken by the company's board during a meeting held on Friday, June 26, 2026.
Buyer and Transaction Structure
Prishal Office Parks III Private Limited will acquire the subsidiary. This company is owned by ICICI Prudential Office Yield Optimiser Fund – AIF II (OYOF-II), a Category II Alternative Investment Fund managed by ICICI Prudential Asset Management Company Limited. The buyers do not belong to the promoter or promoter group of Puravankara Ltd, and the transaction does not fall under related party transactions.
Financial Context
In the last financial year, Purva Ruby Properties generated a turnover of ₹25.39 crore. While this represents only about 1.06% of Puravankara's total turnover of ₹2,399.01 crore, the subsidiary carried a negative net worth, meaning it contributed nothing to the company's overall value. By selling this entity for ₹145 crore, Puravankara is effectively clearing a non-contributing asset from its books while generating immediate cash inflow.
Timeline and Execution
Puravankara is currently finalising and executing a Share Purchase Agreement (SPA) for the transaction. The company expects the SPA to be executed within 45 days from the date of Board approval, with an intimation to stock exchanges upon execution. Upon completion of the sale, Purva Ruby Properties Private Limited will cease to be a wholly owned subsidiary of Puravankara Limited.
About Puravankara
Founded in 1975, Puravankara Limited is one of India's most admired and trusted developers among the top real estate companies in India. The Company has its headquarters in Bengaluru. For five decades, the brand has been built on an unwavering commitment towards customer delight, responsibility, and trust. With a family of 55,000+ happy residents, the company's mammoth scale of development is evidenced by its track record of ~20 million square feet of projects: ~12.8 million square feet completed and ~7.2 million square feet of ongoing projects.
In the fiscal year 2023-24, Puravankara set a new record with its highest-ever sales value of ₹5,914 crore, a 90% increase from the previous year. A 100% subsidiary of Puravankara Limited, Provident Housing carries its legacy with a portfolio of remarkable residential developments across 9 cities, namely, Bengaluru, Chennai, Coimbatore, Goa, Hyderabad, Kochi, Mumbai, Mangalore and Pune. Operating through distinct brands like Purva, Provident, and Purva Land, the company caters to luxury, mid-income, and plotted development segments respectively.
Investors will be watching how the company uses these funds to support its ongoing expansion projects in Bengaluru.