Simplex Realty Limited has signed a Shareholders Agreement with Modern India Limited concerning Simplex Modern Homes Private Limited.

This agreement means Simplex Modern Homes, currently a wholly-owned subsidiary, will transition into a regular subsidiary.

As part of this, Simplex Realty will sell 4900 equity shares (Rs. 10 each) to Modern India Limited and plans to invest in preference shares of Simplex Modern Homes.

Both Simplex and Modern India will now have the right to nominate two directors each to the board of Simplex Modern Homes.

This move suggests a strategic partnership, potentially bringing new capital or expertise to the subsidiary.