HB Estate Developers Ltd. (BSE:532334) agreed to acquire investment division 3 from HB Portfolio Limited (BSE:532333) for INR 68.7 million on February 10, 2016. Under the terms of the transaction, HB Estate Developers will issue 59 of its shares for every 100 shares of HB Portfolio as consideration. In related transactions, HB Portfolio Limited agreed to acquire investment division 1 from HB Stockholdings Limited and HB Stockholdings agreed to acquire investment division 2 from HB Estate Developers Ltd. As at March 31, 2015, investment division 3 had total assets of approximately INR 720 million. The transaction was approved by the Board of HB Estate Developers. HB Estate Developers Ltd. will seek listing of new shares to be issued consequent upon approval of the scheme. As of December 12, 2016, the transaction was approved by shareholders of HB Estate Developers Ltd. As of December 22, 2017, the transaction is approved by National Company Law Tribunal. As on February 26, 2018, HB Estate Developers shall without any further act or deed, issue and allot its equity shares to the equity shareholders of HB Portfolio Limited whose name is recorded in the Register of Members and the records of the Depositories as members of HB Portfolio Limited on the ‘HBPL Record Date' i.e. March 13, 2018. RCMC Share Registry Pvt. Ltd. acted as share and transfer agent to HB Portfolio Limited.

HB Estate Developers Ltd. (BSE:532334) cancelled the acquisition of investment division 3 from HB Portfolio Limited (BSE:532333) on August 27, 2018.