Prozone CSC to list on BSE, NSE as independent entity tomorrow

NEW DELHI: Real estate player Prozone CSC, which was earlier a subsidiary of Provogue India Ltd, today said the company will be listed on NSE and BSE tomorrow as an independent entity.

Prozone CSC Ltd has gone through the demerger process duly approved by the Mumbai High Court and is scheduled to be listed as a separate entity on the BSE and NSE on September 12, Prozone CSC said in a statement.

Prior to the demerger, Provogue held 75 per cent stake in the Prozone CSC, while Capital Shopping Centres Group Plc, UK held 25 per cent stake.

Following the demerger Provogue promoters will hold 35.08 per cent and Capital Shopping Centers (CSC) will hold 32.38 per cent stake in the demerged company Prozone CSC Ltd and the remaining holding will rest with public, it added.

"We are designing Prozone CSC to become India's leading developer, owner and manager of high quality shopping centres focused on India's emerging new urban cities. We will complement our retail schemes with adjacent mixed-use developments to facilitate the business model," Prozone CSC Managing Director Nikhil Chaturvedi said.

The company has a land bank of 17.8 million sq ft in markets such as Aurangabad, Coimbatore, Nagpur, Indore, Jaipur and Mysore with four of its projects in advanced stage of execution, he added.