Parsvnath Developers soars on transferring entire business of Parsavnath Developers (AOP)

23 Oct 2012

Parsvnath Developers is currently trading at Rs. 39.65, up by 1.10 points or 2.85% from its previous closing of Rs. 38.55 on the BSE.

The scrip opened at Rs. 38.50 and has touched a high and low of Rs. 40.00 and Rs. 38.40 respectively. So far 56625 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 28-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. 41.10 and Rs. 38.15 respectively. The current market cap of the company is Rs. 1716.79 crore.

The promoters holding in the company stood at 71.68% while Institutions and Non-Institutions held 9.78% and 18.54% respectively.

Parsvnath Developers has transferred the entire business of Parsvnath Developers (AOP) as a going concern to Gazala Promoters and Developers and the AOP is being wound up. Parsvnath Developers (AOP) is an Association of Persons between the company and HB Estate Developers for undertaking the business of real estate development.

Further, the company and its nominees have acquired 51% equity shares in Gazala Promoters and Developers and the remaining 49% has been acquired by HB Estate Developers and its nominees.

Consequent upon this, Gazala Promoters and Developers has become a subsidiary of the company and accordingly, the total number of subsidiary companies of Parsvnath Developers stands increased from 15 to 16.

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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