DIC India zooms 16% on receiving first tranche of cost for land sale

Shares of DIC India rose as a lot as 16.22 per cent to Rs 360.30 on the BSE on Friday after the corporate stated it had obtained the primary tranche of Rs 102.5 crore from Godrej Properties upon registration of land at Mumbai’s Chandivali in latter’s favour.

On February 27, 2020, Godrej Properties had knowledgeable the exchanges that the corporate had “entered into an settlement to buy land within the upcoming & quick growing micro-market of Chandivali, Mumbai.”

Unfold throughout about 3 acres, this undertaking will supply 0.45 million sq. ft of saleable space primarily comprising residential flats with a small quantity of retail house, it had stated.

In a separate regulatory submitting, DIC India had stated that its board has permitted the sale of land. “The consideration of this land parcel is as much as Rs 153 crore to be paid in three tranches,” it stated.

On Thursday, DIC India knowledgeable the exchanges that “the registration of the land has been accomplished in favour of Godrej Properties on 18 June 2020. The corporate has obtained the primary tranche of Rs 102.5 crore upon registration.”

At 9:55 AM, the inventory was up 12.05 per cent at Rs 347.35 on the BSE as in comparison with a flat Sensex. A mixed 25,000 shares have modified palms on the NSE and BSE to this point.

Following the event, shares of Godrej Properties additionally rose as a lot as 3.32 per cent to Rs 852 on the BSE.

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