Phoenix Township Ltd updates on sale of property

The Board of Directors of Phoenix Township Ltd at its meeting, has approved the proposal to mortgage, lease, pledge, hypothecation, create encumbrances of the whole or substantially the whole of the Property of the company, for upto Rs 70 crore in one or more trenches.

The board also approved proposal to sell or otherwise dispose the whole or substantially the whole of the Property of the company under section 180 (1) (a) of the Companies Act, 2013 in one or more trenches.

The premises bearing Survey No. 501/1A and 503/1A admeasuring about 3,16,000 Sq. Mtrs, situated at Thivim, Bardez, Goa, [consisting of area admeasuring approximately 50,000 Sq. Mtr. already converted as Institutional Land ("Institutional Land") and the balance land shall be circa 2,66,000 Sq. Mtrs. ("Balance Land")].

The consideration will be Rs. 7,900/- per Sq. Mtr. for Institutional Land and 6,000 /- Sq. Mtr. for balance land as mentioned above.

Shares of Phoenix Township Ltd was last trading in BSE at Rs. 56.62 as compared to the previous close of Rs. 52.75. The total number of shares traded during the day was 5314 in over 28 trades.

The stock hit an intraday high of Rs. 58.01 and intraday low of 53.00. The net turnover during the day was Rs. 292916.00.

Source : Equity Bulls

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PhoenixTownship INE977M01024 PropertySale