Kalpataru Limited Withdraws Demerger Scheme for Project Magnus in Bandra East

Corporate Restructuring Decision Withdrawn

Kalpataru Limited's Executive Committee approved the withdrawal of its Scheme of Arrangement for the demerger of Project Magnus from wholly owned subsidiary Kalpataru Properties Limited on June 2, 2026. The committee determined that the envisaged benefits were no longer relevant.

Timeline of the Proposed Arrangement

The Board of Directors had initially approved the demerger on January 22, 2024. The arrangement was to be executed on a going concern basis, with the Appointed Date set as April 1, 2024, subject to approval by the National Company Law Tribunal, Mumbai. The scheme was filed with the NCLT, Mumbai on September 30, 2024.

Financial Impact

The company confirmed that the withdrawal has no financial impact on Kalpataru Limited or Kalpataru Properties Limited. The executive committee's determination that benefits are no longer relevant suggests that existing operational and financial structures for Project Magnus will remain unchanged for stakeholders.

Project Magnus: Location and Scale

Project Magnus is situated at Bandra East, Mumbai. The property efficiently utilises over 2.25 acres of land providing a lavish and comfortable living environment. The project will be constructed with 3 towers having Ground +26/30 floors containing 2BHK, 3BHK, 4BHK, and 4.5BHK premium residences.

About Kalpataru Limited

Kalpataru Limited is an integrated real estate development company with over 113 completed projects across Mumbai, Thane, Panvel, Pune, Hyderabad, Indore, Bengaluru, and Jodhpur. The company is led by Mr. Mofatraj P. Munot, with over five decades of experience, and Mr. Parag M. Munot, with three decades of experience. The firm specializes in luxury, premium, and mid-income residential, commercial, and retail developments, managing all aspects of real estate development from land acquisition to design, construction, and sales.