Reco Zinnia Private Limited entered into an agreement to acquire 10.31% stake in Offbeat Developers Private limited for INR 1.9 billion on June 2, 2021. In related transactions, Reco Zinnia Private Limited entered into an agreement to acquire 6.61% stake in Vamona Developers Private limited and executed of the Definitive Agreements to invest in Offbeat Developers Private limited, Vamona Developers Private limited and Graceworks Realty and Leisure Private limited. Post completion of these transactions, Reco Zinnia Private Limited will own 35.91% stake in Offbeat Developers Private limited, Vamona Developers Private limited and Graceworks Realty and Leisure Private limited.

Offbeat Developers Private limited reported revenue of INR 1.8 billion and net worth of INR 3.2 billion. The deal is subject to regulatory approval. As of June 30, 2021, the first tranch of the deal has been completed.

Sai Krishna Bharathan, Shivani Kabra and Kunal Kumbhat of AZB & Partners acted as legal advisor to GIC Pte. Ltd. in the transaction.