Shriram Properties Sells Mall Land in Chennai

Shriram Properties Limited ("SPL") has today announced strategic sale of ~ 3.9 acre land parcel in Chennai to a large healthcare and educational group in South India.

The Company, through its wholly-owned subsidiary - SPL Shelters Private Limited - owned a ~3.9 acre land, currently approved for the development of a retail space. The land parcel is strategically located on the GST Road and adjacent to a 4.0 msf1 office complex that is already fully operational and a ~2.0 msf residential complex (called "Shriram Park 63"), offering significant potential for retail / other commercial development. However, given the Company's predominant focus on residential real estate development activities, SPL has decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary.

The value unlocking from its non-core land parcel is an integral part of SPL's guided strategy of staying focused on residential development, with greater emphasis on mid and mid-premium segments and use of monetization proceeds for fueling growth in the coming years.

Commenting on the development, Mr. Murali M, CMD of SPL said: "This transaction marks a significant step in the Company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs. We believe this move reinforces our commitment to prudent financial management and allows us to focus on accelerating growth in the residential projects across our portfolio."

Shares of Shriram Properties Limited was last trading in BSE at Rs. 104.20 as compared to the previous close of Rs. 103.45. The total number of shares traded during the day was 56541 in over 691 trades.

The stock hit an intraday high of Rs. 105.55 and intraday low of 101.90. The net turnover during the day was Rs. 5847662.00.

Source : Equity Bulls

Keywords

ShriramProperties Residential Commercial RealEstate INE217L01019 LandSale Chennai