Mahindra Lifespace firms up on buzz of developing two more business cities

04 Apr 2012

Mahindra Lifespace Developers is currently trading at Rs 324.50, up by 2.60 points or 0.81% from its previous closing of Rs 324.50 on the BSE.

The scrip opened at Rs 328.65 and has touched a high and low of Rs 328.65 and Rs 328.65 respectively. So far 2877 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 425.00 on 08-Apr-2011 and a 52 week low of Rs 235.00 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs 328.65 and Rs 315.15 respectively. The current market cap of the company is Rs 1325.10 crore.

The promoters holding in the company stood at 51.05% while Institutions and Non-Institutions held 31.40% and 17.34% respectively.

Mahindra Lifespace Developers, the real estate and infrastructure development arm of the $14.4 billion Mahindra Group is reportedly planning to develop two more business cities apart from ongoing world City Projects in Chennai and Jaipur.

The two new integrated development will come up at Dholera in Gujarat and in the northern part of Chennai, spread over 2,500 acres and 1,000 acres respectively. Further, the company plans to launch both these projects by March 2013.

Earlier in February, the company had marked its first foray into Nagpur with the launch of ‘Bloomdale’, planned as a gated community which aims to foster healthy, community living.

Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.

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