Parsvnath Developers surges on plan to raise Rs 1000 crore over next 18 months

25 Jun 2014 Evaluate

Parsvnath Developers is currently trading at Rs 35.80, up by 1.25 points or 3.62% from its previous closing of Rs 34.55 on the BSE.

The scrip opened at Rs 35.40 and has touched a high and low of Rs 36.25 and Rs 35.30 respectively. So far 361468 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 5 has touched a 52 week high of Rs 37.90 on 10-Jun-2014 and a 52 week low of Rs 22.25 on 07-Feb-2014.

Last one week high and low of the scrip stood at Rs 34.55 and Rs 31.90 respectively. The current market cap of the company is Rs 1503.55 crore.

The promoters holding in the company stood at 74.22% while Institutions and Non-Institutions held 10.73% and 15.05% respectively.

Parsvnath Developers is planning to raise more than Rs 1000 crore over the next 18 months through the sale or joint development of its land assets in southern and western India. Parsvnath, which counts JPMorgan and US-based private equity firm Red Fort Capital among its investors, is planning to divest land in cities including Hyderabad, Chennai, Kochi, Goa and Mysore and concentrate on its home market of northern India.

The company through its divestment is planning at reducing net debt below Rs 5000 crore by the end of March 2016, from Rs 1300 crore as on March 31, 2014.

Parsvnath Developers has diversified portfolio, which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, among others. The company has total developable area of over 195.82 million square feet across all real estate verticals.

Parsvnath Developers Share Price

7.39 -0.08 (-1.07%)
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