Parsvnath skyrockets on the buzz that it plans to sell land for about Rs 700 crore

16 Apr 2012

Parsvnath Developers is currently trading at Rs. 59.20, up by 3.90 points or 7.05% from its previous closing of Rs. 55.30 on the BSE.

The scrip opened at Rs. 57.00 and has touched a high and low of Rs. 61.00 and Rs. 56.55 respectively. So far 463115 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 82.25 on 20-Oct-2011 and a 52 week low of Rs. 32.45 on 25-Nov-2011.

Last one week high and low of the scrip stood at Rs. 61.00 and Rs. 51.15 respectively. The current market cap of the company is Rs. 2539.28 crore.

The promoters holding in the company stood at 71.33% while Institutions and Non-Institutions held 9.77% and 18.90% respectively.

Parsvnath Developers is reportedly planning to sell its 1.18 acre of prime commercial land near Connaught Place in the National Capital for about Rs 700 crore. In this regard, Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers' land in Delhi. The built-up area allowed on this prime land is about 1.5 lakh sq ft with 300 car parking.

Further, the company is planning to reduce its debt of about Rs 1,200 crore to about Rs 500 crore by utilising the proceeds from sale of this prime property. The company, which has a land bank of about 200 million sq ft across the country, had received private equity funding from Sun Apollo and JP Morgan in some other projects in NCR.

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