Arihant Foundations enter into development agreement with "VGTM UDA"

Arihant Foundations & Housing Ltd has announced that the Company has entered in to a development agreement dated July 09, 2007 with Vijayawada Guntur Tenali Mangalagiri Urban Development Authority "VGTM UDA" in the state of Andhra Pradesh through a SPV Company named Arihant Indo African Infra Developers & Builders Pvt Ltd, Hyderabad to undertake the development of a Township project of 53 acres at Vijayawada in the state of A.P.

The development will include approximately 4.6 million Sqft. of residential and commercial complex at a cost of Rs 650 crores. The equity participation of the Company in the SPV is 45%.

The stock closed the day at Rs.377.75, up by Rs.41 or 12.18%. The total traded quantity was 33327 compared to 2 week average of 14356. The stock hit an intraday high of Rs.390 and low of Rs.342.

Source : Equity Bulls

Keywords