After the demerger, the Provogue promoters will have 35.08% stake, while Capital Shopping Centers (CSC) will hold 32.38% stake in the demerged company Prozone CSC Ltd. The remaining holding will be with the public.
Prozone CSC Managing Director Nikhil Chaturvedi said, “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.”
The firm has land bank of 17.8 million sq ft in markets like Aurangabad, Coimbatore, Nagpur, Indore, Jaipur and Mysore.