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Mahindra Lifespace Developers rises on inking JV pact with SCM Real Estate

26 Jul 2013

Mahindra Lifespace Developers is currently trading at Rs. 456.35, up by 6.85 points or 1.52% from its previous closing of Rs. 449.50 on the BSE.

The scrip opened at Rs. 455.00 and has touched a high and low of Rs. 457.95 and Rs. 443.50 respectively. So far 420 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 472.00 on 18-Jul-2013 and a 52 week low of Rs. 315.00 on 06-Aug-2012.

Last one week high and low of the scrip stood at Rs. 469.95 and Rs. 445.60 respectively. The current market cap of the company is Rs. 1858.20 crore.

The promoters holding in the company stood at 51.04% while Institutions and Non-Institutions held 31.78% and 16.97% respectively.

Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has entered into a joint venture (JV) agreement with SCM Real Estate (Singapore), an investment arm of Standard Charted Bank, for the purpose of developing residential projects in India.

The proposed developments will be taken through Watsonia Developers, in which both, Mahindra Lifespace and SCM will hold equal stake. The combined investment commitment is about Rs 1,000 crore over multiple projects. The first two projects under this JV will be premium residential developments in Gurgaon and Bangalore.

Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.

Related Mahindra Lifespace Developers Ltd. Links:

Mahindra Life. Dev Share Price

275.85 -3.50 (-1.25%) Oct 22, 18:01
1 Year Price Chart
Company Name CMP
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NBCC (India) 46.70
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