Real Estate News Updates for June 6
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Regulatory
The ED on Monday said it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini, and Bentley, and jewellery valued at Rs 5.75 crore during raids on real estate companies IREO and M3M in a money laundering investigation. The federal agency said in a statement that the searches were carried out on June 1 at seven of their locations in Delhi and Gurugram.
Industry
NEW DELHI: Brookfield India Real Estate Investment Trust (REIT) has appointed eight investment banks for its planned equity raising of around $400 million, and is targeting the deal's closure by July, three people with direct knowledge said.
Industry
GHAZIABAD: The Ghaziabad Development Authority may have to pay Rs 1,000-1,200 crore in enhanced land compensation to farmers for the 1,748 acres it acquired between 1986 to 1989 for the Indirapuram and Vaishali housing schemes.
Cement
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NEW DELHI: The board of directors of JK Cement have accorded in principle approval to sign/execute a share purchase agreement with the shareholders and also with Toshali Cements (Toshali) for acquisition of 100% equity shareholding from all the existing shareholders of Toshali, the company said in a BSE filing.
Cement
NEW DELHI: Nirma group and JK Organisation have submitted non-binding offers to acquire between 40% and 72% stake in Sanghi Cement, creating a three-way contest for the Ahmedabad-based cement manufacturer, which has also drawn interest from at least one other player, according to sources briefed on the matter.
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