Birla Estates to acquire land parcel from Hindalco Industries Ltd

The Board of Directors of Birla Estates Private Limited (BEPL), a wholly owned subsidiary of Century Textiles and Industries Ltd (CTIL) at its meeting held today i.e. Wednesday, 12th July, 2023 has approved the proposal to acquire the land parcel situated at Kalwa, Thane, Maharashtra from Hindalco Industries Limited (HIL) for a total consideration of about Rs. 595 Crores to be paid over a period of time in multiple tranches and 1.5% of the Sales Revenue.

The definitive documents shall be signed in due course.

CTIL, BEPL and HIL are not related parties in terms of Section 2(76) of the Companies Act, 2013 and Regulation 2(zb) of Listing Regulations except that CTIL and BEPL are related parties being Holding Company and wholly owned subsidiary Company as mentioned above.

Shares of Hindalco Industries Limited was last trading in BSE at Rs. 424.65 as compared to the previous close of Rs. 424.55. The total number of shares traded during the day was 59941 in over 1509 trades.

The stock hit an intraday high of Rs. 427.00 and intraday low of 422.20. The net turnover during the day was Rs. 25438272.00.

Source : Equity Bulls

Keywords

HindalcoIndustries INE038A01020 LandSale Kalwa Thane BirlaEstates