Premier to take balance consideration in cash than build-up flats

With reference to the earlier announcement dated January 16, 2013 regarding the development of the Company’s 150 acre land at Dombivli, Mumbai with M/s. Horizon projects Pvt. Ltd. The Company has received Rs. 220 cr. as part consideration for this transaction and was to also receive additional consideration of built up flats aggregating to 5,00,000 sq.ft., Premier Ltd has now informed BSE that after consulting with its various stakeholders, as well as considering various economic factors including the situation in the real estate market, the Company has decided to take the balance consideration in cash rather than the 5,00,000 sq.ft. of built-up flats. This amount has been finalized at Rs. 220 cr., receivable in full on December 31, 2014. The Company holds adequate security to ensure this payment on the due date.Source : BSE

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