Kansai Nerolac Paints Ltd completes sale of land at Kavesar, Thane

The Board of Directors of Kansai Nerolac Paints Ltd had approved the proposal for sale of Company's land at Kavesar, Thane admeasuring 96,180 sq. mts to Shoden Developers Private Limited, a group company of House of Hiranandani (hereinafter referred as the "Purchaser") for consideration of Rs. 655 Crores. The Company had further informed that the Company had entered into an Agreement to Sell with the Purchaser and the sale is subject to completion of procedures and approvals as may be necessary in this regard.

With the completion of procedures and approvals as required for the sale, the Board of Directors has now approved the aforesaid sale transaction including the sale of additional area admeasuring 910 sq. mts., thus aggregating to a total area of 97,090 sq. mts., together with the transfer of rights in land admeasuring 6,300 sq. mts. at Kavesar, Thane, for a total consideration of Rs.671 Crores to the Purchaser.

The Company has entered into a Deed of Conveyance today, for the aforesaid transaction.

Shares of Kansai Nerolac Paints Limited was last trading in BSE at Rs. 450.65 as compared to the previous close of Rs. 456.75. The total number of shares traded during the day was 16807 in over 1088 trades.

The stock hit an intraday high of Rs. 462.95 and intraday low of 437.55. The net turnover during the day was Rs. 7597874.00.

Source : Equity Bulls

Keywords

KansaiNerolacPaints INE531A01024 LandSale Hiranandani Thane Kavesar