Akruti Nirman converts "Akruti One World" project from retail to commercial

Akruti Nirman Ltd has announced that the Company made an IPO of its equity shares in the month of January, 2007 and in the Prospectus dated January 24, 2007, filed by the Company with SEBI, Stock Exchanges and Registrar of Companies, the Company had mentioned under the heading 'Details of the Projects' that it had undertaken the development of a retail project namely 'Akruti One World' (K-Mall) located at Kanjur Marg with total saleable area of 242,938 sq.ft.

However, due to small size of the project (size is a critical factor for success of retail project) and given the increased demand for office space by IT/ITES and BPO, the Company has converted the basic character of the aforesaid project from Retail to Commercial. The conversion, however, would have no adverse impact on the profitability of the Company.

The stock closed the day at Rs.396.25, up by Rs.2.05 or 0.52%. The stock hit an intraday high of Rs.413 and low of Rs.394.10. The total traded quantity was 719114 shares compared to 2 week average of 289046.

Source : Equity Bulls

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