Parsvnath Developers inches up on appointing Jones Lang LaSalle to sell 1.18 acre land

17 Apr 2012

Parsvnath Developers is currently trading at Rs. 59.55, up by 0.25 points or 0.42% from its previous closing of Rs. 59.30 on the BSE.

The scrip opened at Rs. 60.00 and has touched a high and low of Rs. 60.25 and Rs. 58.60 respectively. So far 52,000 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. 54.65 respectively. The current market cap of the company is Rs. 2,478.00 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, the Delhi based real estate company has appointed Jones Lang LaSalle India to advise the company for the sale of 1.18 acre of land near Connaught Place in the national capital. The company’s building plans for the development and construction on the said land has already been approved by the concerned authorities.

The company is expecting to raise about Rs 700 crore from sale of this land. Besides, it would utilise the fund to cut its debt, which is at present around Rs 1,250 crore.

Parsvnath Developers is one of India’s leading real estate developers. The company has emerged as one of the most progressive and multi-faceted real estate and construction entities in the country.

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