This company bought the entire stake in Filmistan in a deal of Rs 183 crore, slight rise in shares

Arkade Developers Ltd made a big announcement in the exchange filing on Thursday, July 3. The company said in the filing that it will buy the entire stake in Filmistan Pvt Ltd. (FPL) for Rs 182.95 crore. After this acquisition, Filmistan will become a wholly owned subsidiary of Arkade Developers.

The board of directors of the company has approved this share purchase agreement. Arkade Developers said in the exchange filing that this acquisition will be completed within 1 month and no regulatory approval is required for it.

Filmistan is active in the business of infrastructure, production, distribution and performance of cinematographic films in India. As of March 31, 2024, Filmistan had a net worth of Rs 5.54 lakh and turnover of Rs 18.87 lakh. Arkade Developers said on this news that the purpose of this acquisition is to simplify its operations in the real estate sector.