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Puravankara rises on receiving nod to exit Rs 403 crore investment in Karnataka

22 Mar 2017

Puravankara is currently trading at Rs. 61.20, up by 1.45 points or 2.43% from its previous closing of Rs. 59.75 on the BSE.

The scrip opened at Rs. 60.40 and has touched a high and low of Rs. 61.75 and Rs. 60.10 respectively. So far 84,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 61.75 on 22-Mar-2017 and a 52 week low of Rs. 37.20 on 22-Nov-2016.

Last one week high and low of the scrip stood at Rs. 61.75 and Rs. 54.00 respectively. The current market cap of the company is Rs. 1,451.36 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 17.78% and 7.22% respectively.

Puravankara has received an approval for exit from the investment of Rs 403 crore at Raidurg, Panamaktha Village in Karnataka which would involve the sale of its entire shares in three wholly owned subsidiaries of Puravankara. The transaction has been authorized on a condition that total inflow should not be less than a sum of Rs 475 crore. The Board of Directors at its meeting held on March 21, 2017 have passed an enabling resolution for the same.

Puravankara (formerly Puravankara Projects) is a leading real estate company in India, with significant presence in Bengaluru, kochi, Chennai, Hyderabad and Mysore.

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