Embassy Developments Ltd and its wholly owned subsidiary Ceres Estate Ltd have entered into a share purchase agreement with Pen India Ltd for the sale of 100% equity in Sepset Real Estate Ltd for a total consideration of ₹100 crore.
The consideration will be received in one or more tranches, and the transaction is expected to be completed within 60 days, following which Sepset will cease to be a subsidiary of Embassy.
Asset monetisation strategy
Sepset Real Estate owns the commercial project Mega Mall in Jodhpur, along with all associated assets, liabilities and unsold inventory.
The transaction is part of Embassy’s strategy of active portfolio management and disciplined capital allocation, aimed at unlocking value from non-core assets.
Strengthening financial position
The company said the monetisation will help strengthen its balance sheet while enabling redeployment of capital into core markets and high-growth opportunities.
This strategic move is expected to support long-term value creation and enhance shareholder returns.
Financial performance of Sepset
For FY25, Sepset reported a turnover of ₹18.55 crore and a negative net worth of ₹114 crore, accounting for 0.85% and (-) 1.22% respectively in the overall business.
Not a related party deal
Embassy clarified that Pen India Ltd does not belong to its promoter or group entities, and the transaction does not qualify as a related party deal.
Buyer profile
Pen India, established in 1987 by Jayantilal Gada, is a Mumbai-based film production and distribution company with a large content library across Hindi, Tamil, Telugu and Malayalam with key films such as RRR, Attack and Kahaani.