Nippon Life India Asset Management announced the execution of a definitive agreement with One Place Commercials Private Limited for the acquisition of commercial office premises. The new space, located at One Lodha Place, Lower Parel, spans a carpet area of 52,162 square feet.
The purchase has been made for a consideration of ₹486 crore, excluding applicable stamp duty. NAM India said there are no shareholding ties with the selling entity, and the transaction is not categorised as a related party transaction.
Nippon Life reported a 47.3% year-on-year (YoY) increase in net profit at ₹360.1 crore in the quarter ended September, 2024, up from ₹244.41 in the year-ago period. The company's revenue from operations jumped 43.7% to ₹571.3 crore. The asset management company reported a revenue of ₹397.48 crore in the corresponding quarter a year ago. The company also approved an interim dividend of ₹8 per equity share of ₹10 each.
The shares of the company ended 1.82% lower in the session on Thursday, November 21.
