Vipul surges on receiving environmental clearance for its project ‘Aarohan’ in Gurgaon

19 Sep 2016

Vipul is currently trading at Rs. 83.00, up by 8.20 points or 10.96% from its previous closing of Rs. 74.80 on the BSE.

The scrip opened at Rs. 78.00 and has touched a high and low of Rs. 83.00 and Rs. 78.00 respectively. So far 20,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 83.00 on 19-Sep-2016 and a 52 week low of Rs. 40.00 on 22-Mar-2016.

Last one week high and low of the scrip stood at Rs. 83.00 and Rs. 69.60 respectively. The current market cap of the company is Rs. 995.87 crore.

The promoters holding in the company stood at 63.38%, while Non-Institutions held 36.62% respectively.

Vipul has received Environmental Clearance from State Environment Impact Assessment Authority, Haryana for its project ‘Aarohan’ on Golf Course Road in Gurgaon. By June 2016, the company had already sold more than 26% of flats in Phase 1 of the project.

Further, the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore. The money raised was utilized towards pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, the company has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing Finance will be utilized towards pre-payment of the debt from DMI, resulting in interest and cash flow savings.

Vipul is a leading Real Estate Developer in NCR besides developing properties in Ludhiana, Bawal, Bhubaneshwar, Faridabad and Gurgaon.

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