REA Group (ASX:REA) secures controlling interest in Elara

Company News

by Katrina Bullock

REA Group (ASX:REA) has increased its stake in Indian real estate platform, Elara Technologies, from 13.5 per cent to 54.3 per cent, giving it a controlling position.

It got there by subscribing for new preference shares and acquiring existing shareholdings from minority players.

REA now has the right to appoint 5 out of 9 Elara board seats.

News Corp also purchased preference shares, increasing its holding to 39 per cent.

The subscription of preference shares has enabled Elara to pay off its debt facility.

Shares in REA Group (ASX:REA) closed 1.14 per cent higher at $148.59 yesterday.