Puravankara Completes Sale of Purva Ruby Properties for ₹145 Crore to ICICI Prudential-Backed Fund

Transaction Completed

Puravankara Limited has completed the sale of its entire 100% stake in Purva Ruby Properties Private Limited to Prishal Office Parks III Private Limited for an estimated consideration of ₹145 crore. The transaction, finalized on July 06, 2026, was executed outside a Scheme of Arrangement and did not require shareholder approval.

The Buyer and Fund Structure

The buyer is a company owned by ICICI Prudential Office Yield Optimiser Fund – AIF II, a category II Alternative Investment Fund managed by ICICI Prudential Asset Management Company Limited. The transaction is not classified as a related party transaction.

Subsidiary's Financial Profile

The subsidiary had a turnover of ₹25,38,89,035 in the last financial year, contributing 1.06% to the parent company's total turnover. The net worth of the subsidiary was reported as negative, resulting in no contribution to the parent company's net worth.

Capital Deployment

By selling this entity for ₹145 crore, Puravankara is effectively clearing a non-contributing asset from its books while generating immediate cash inflow. This liquidity provides the developer with capital for deployment across its ongoing residential projects, primarily concentrated in Bengaluru where the company maintains a significant development footprint.

Agreement Timeline

The Share Purchase Agreement (SPA) was signed on June 30, 2026, with the completion of connected documents occurring on July 06, 2026.