Moneycontrol
Last Updated : Dec 28, 2018 03:02 PM IST | Source: Moneycontrol.com

Peninsula Land surges 12% on acquisition of 3 real estate firms

Peninsula Land entered into a Securities Purchase Agreement to acquire 86 percent of the equity shares of Rockfirst Real Estate Limited thereby making it a wholly-owned subsidiary.

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Peninsula Land shares rallied 12 percent intraday Friday after the company signed agreement to acquire three firms which cater to real estate and construction segment.

The Mumbai-based real estate company said it entered into a Securities Purchase Agreement to acquire 86 percent of the equity shares of Rockfirst Real Estate Limited thereby making it a wholly-owned subsidiary.

Company also through its wholly-owned subsidiary Peninsula Holding and Investment Private Limited (PHIPL) decided to acquire 86 percent equity shares of Goodhome Realty Limited and Truewin Realty Limited thereby making them step-down wholly-owned subsidiaries.

At 14:54 hours IST, the stock was quoting at Rs 11.56, up Rs 0.75, or 6.94 percent on the BSE.
First Published on Dec 28, 2018 03:02 pm
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