Marathon Nextgen Realty Ltd Share Price

History of Marathon Nextgen Realty Ltd

Marathon Nextgen Realty Limited was erstwhile incorporated as Piramal Spinning & Weaving Mills Limited on January 13, 1978. Thereafter, the Company changed the name to 'Marathon Nextgen Realty and Textiles Limited' on July 31, 2003 and further was changed from Marathon Nextgen Realty and Textiles Limited to Marathon Nextgen Realty Limited effective on September 7, 2007. In June, 1979, Company got amalgamated with Mahadevi Invesment Company. The Company is primarily engaged in the business of construction, development and sale of commercial and residential real estate projects. The Company has business interest in textiles and manufactures cotton fabrics, synthetic fabric and cotton yarn. from it's factories at Lower Parel, Mumbai Ambarnath both in Maharashtra and Surat in Gujarat. ...The company had completed the first phase of modernisation project including the new process house at Ambarnath at a cost of Rs.372.26 lacs and the new process house was fully operational in 1983-84. The third phase of modernisation programme was completed at a cost of Rs.400 lacs and the fourth phase was completed in 1990-91 at a cost of Rs.298 lacs. In Sep.'92, the company came out with a debenture issue to part-finance its fifth phase of the modernisation programme. With effect from 1 Apr.'91, the Niranjan Mills (Niranjan) was amalgamated with the company pursuant to a scheme processed under the Sick Industrial Companies (Special provisions) Act, 1985. The rehabilitation programme with retrospective effect was sanctioned by the BIFR. The higlights are a) The company's 3 main division has been demerged into 3 distinctive entities. 2) The assets/libailities of both the company as well as Niranjan Mills together has been transferred to in Niranjan Piramal Textile Mills Limited from October,2001. The Ambernath processing unit has been transferred to Pyarelal Textiles Limited from October,20013) It has also co-opted M/s Ithaca Informatics Pvt Ltd to develop the property at Lower Parel Unit. Subsequent to all this the share capital of the company has reduced to Rs.92.59 lacs. The shareholders of the erstwhile Piramal Spg & Wvg Mills Ltd was alloted one share in each of the 3 companies for every 3 shares held by them. The Promoters had brought down their holding from 89.40% to 75% during June 2014. The Company ventured into the education space with the revolutionary NEXT School at Mulund W. in 2017. It launched NeoHomes a new generation of urban homes at Bhandup W, that offers the average Mumbaikar the chance to own a home in the city in 2018. Pursuant to a Scheme of Amalgamation, the National Company Law Tribunal, Mumbai Bench sanctioned a Scheme of Merger vide its Order dated 23 July 2018, wherein Marathon IT Infrastructure Private Limited (MITI) and Ithaca Informatics Private Limited (IIPL), was merged with the Marathon Realty Private Limited effective from April 01, 2016 and the name of 'Promoter Group Company' changed from Ithaca Informatics Private Limited to Marathon Realty Private Limited. Marathon Nextgen Realty Ltd which hitherto was a subsidiary of Ithaca Informatics Private Limited (IIPL) post the merger automatically became a subsidiary of the Marathon Realty Private Limited. Marathon Nextgen Township Private Limited (MNTPL) a wholly owned subsidiary of the Company, was merged with the Company effective from April 01, 2019. Company acquired the entire paid up capital of Marathon Nextgen Townships Pvt Ltd (MNTP) ,a Marathon Group Company and effective from March 29, 2019, MNTP became the Wholly Owned Subsidiary of the Company in 2018-19. During the year 2019-20, Company acquired the entire paid up capital of Terrapolis Assets Private Limited (TAPL) from Marathon Realty Private Limited (MRPL), a Promoter Company and effective from 31st March, 2020 TAPL became the Wholly Owned Subsidiary of the Company. The Company also acquired further 24%paid up capital of Sanvo Resorts Private Limited (SRPL) from Marathon Realty Private Limited (MRPL), a Promoter Company and effective from 31st March, 2020, the equity holding of the Company in SRPL stood at 91%. The Company launched Phase 2 of Panvel Township in 2020. In 2023-24, the Company received NCLAT Order in connection with the merger of its Wholly Owned Subsidiary (WOS), on June 11, 2024, rectifying the appointed date as April 01, 2019.