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Rai Saheb Rekhchand soars on entering into JVA with Armors Developers

14 Nov 2017 Evaluate

Rai Saheb Rekhchand Mohota Spinning & Weaving Mills is currently trading at Rs. 359.20, up by 9.60 points or 2.75% from its previous closing of Rs. 349.60 on the BSE.

The scrip opened at Rs. 341.00 and has touched a high and low of Rs. 360.00 and Rs. 341.00 respectively. So far 1990 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 360.00 on 14-Nov-2017 and a 52 week low of Rs. 47.00 on 22-Nov-2016.

Last one week high and low of the scrip stood at Rs. 360.00 and Rs. 323.00 respectively. The current market cap of the company is Rs. 522.30 crore.

The promoters holding in the company stood at 41.96%, while Non-Institutions held 58.04% stake in the company.

Rai Saheb Rekhchand Mohota Spinning & Weaving Mills has entered into joint venture agreement (JVA) with Armors Developers for the multi-use development project with an estimated value of Rs 90 crore out of its Rs 1,000 - Rs 1,200 crore land bank.

The project under ‘Mohota Realities and Infra’ with total development target of 3,00,000 square feet will be completed over 19 months via special purpose vehicle or SPV. The company has passed the resolution for setting up of a SPV for the development projects. The land is located at Junona, Hinganghat, Wardha district.

Rai Saheb Rekhchand Mohota Spinning & Weaving Mills will only contribute land for the project and Armors would contribute towards development, marketing, administrative and selling expenditure. RSR would yield 45% of the total saleable value of the project estimated at Rs 90 crore at current market prices. The proceeds will be transferred from SPV to the balance sheet post the completion of the project and can be deployed for making the company debt free and cash rich in the medium to long-term.

Mohota Industries Share Price

4.56 0.00 (0.00%)
22-May-2023 18:01 View Price Chart
Peers
Company Name CMP
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Arvind 387.20
K.P.R. Mill 926.40
Page Industries 37935.70
View more..

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