Hinduja Group-led GOCL Corp hits 20% upper circuit on Rs 3,402-crore land deal

Over the past six months, the shares of the company have fallen around 3.4 percent.

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Shares of GOCL Corp hit the 20 percent upper circuit in trade on March 28. The Hinduja Group-led company entered into an agreement with Squarespace Builders to sell a piece of land worth Rs 3,402 crore.

GOCL Corp will monetise approximately 264.50 acres of land at
Kukatpally, Hyderabad, where 32 acres are under joint development agreement (JDA).

The monetisation will take place over a period of 18 months in tranches, subject to fulfilment of any covenants.

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"Out of the aforesaid 264.50 acres, immediate sale of 12.50 acres of land which is under joint development agreement (JDA) with Hinduja Estates Private Limited, now known as Hinduja Healthcare Limited (HHL)," said the company in a filing with the exchanges.

A payment of Rs 520 crore will be received on signing of the a memorandum of understanding. "Of this, Rs 160 crore will be the consideration for sale of 12.50 acres of JDA land and the balance will be retained by the company as advance for future tranches," the firm said.

At 2.45pm, shares of the company were quoting Rs 454.6 on the NSE, higher by 20 percent, compared to the previous session's closing price.

GOCL Corp’s products such as precision detonators, ignitors, pyro devices for missile systems and canopy severance systems find application in the defence sector.

Over the past six months, the shares of the company have fallen around 3.4 percent, underperforming the frontline Nifty 50 index that has gained around 14 percent during the same time period.

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