Shares of Bayer Cropscience rallied 3.5% post the company received Rs 260 crore as an advance payment for the proposed sale of land in Thane.
In a release available on the BSE, the company said "The company has received a further amount of Rs 260 crore as an advance payment pursuant to the exclusive arrangement entered into on March 31, 2011, with Agile Real Estate Private Limited for the proposed sale. The conveyance, transfer, sale and possession of the said property will be completed at a future date, subject to relevant approvals and permissions from the Government and other statutory bodies, as may be deemed necessary and on receipt of sale consideration as may be finally determined."
The company is the owner of certain parcels of land admeasuring approximately 100 acres at Kolshet Road, Balkum Village, Thane, as per the release.
At 11:10 hours IST, the share was quoting at Rs 740.40, up 3.56% with volumes of 8,718 shares. Market capitalisation of the company stands at Rs 2,924.49 crore.
