India, Aug. 6 -- In yet another high-value real estate deal involving a pharmaceutical entrepreneur, Mehul Madhusudan Shah, founder, promoter, chairman, and managing director of Encube Ethicals, along with Niti Mehul Shah, purchased a luxury apartment in Mumbai's Juhu for Rs.106.52 crore, according to property registration documents accessed by Zapkey.

The transaction assumes significance as Mumbai-based Encube Ethicals, a fully integrated speciality pharmaceutical company, recently filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise about Rs.3,000 crore through an initial public offering (IPO).

The apartment is located on a higher floor of Avalon Tower A at Lodha Avalon on Juhu ...