Dai-Ichi Karkaria Limited enters into agreement for sale of land

Dai-Ichi Karkaria Limited had earlier announced the sale of Land Parcel of the Company's undertaking situated at 105th Milestone, Mumbai-Pune Road, P.O. Kasarwadi Pune 411034.

The company has now entered into an Agreement for Sale (AFS) with Gera Developments Private Limited, Pune in respect of the Land Parcel.

The consideration to be received from the sale is INR 153.50 crores (Rupees One Hundred Fifty-Three Crores and Fifty Lakhs Only) (The consideration disclosed in earlier announcement was INR. 158.25 crores. After, further negotiation between the parties, the consideration has been revised to INR 153.50 crores).

The completion of Sale depends on fulfillment of certain conditions precedent. Thus, expected date of completion of Sale is not envisaged at this stage.

Shares of DAI-ICHI KARKARIA LTD. was last trading in BSE at Rs.240 as compared to the previous close of Rs. 239.75. The total number of shares traded during the day was 6296 in over 120 trades.

The stock hit an intraday high of Rs. 246.5 and intraday low of 228. The net turnover during the day was Rs. 1498379.

Source : Equity Bulls

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