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Last Updated : Oct 09, 2019 11:28 AM IST | Source: Moneycontrol.com

Raymond rallies 9% after associate firm agrees to sell Thane property

The company agreed to sell property for Rs 700 crore subject to payment of taxes, cost of approval as applicable.

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Shares of Raymond jumped nearly 9 percent intraday on October 9 after its associate company signed an agreement to sell its property in Thane.

"Associate company JK Investo Trade (India) (JKIT) has entered into an agreement for sale (AFS) for its property measuring 78,310 square meters (around 20 acres) located at Village Panchpakhadi, Thane (West) with an affiliate of Virtuous Retail South Asia Pte Ltd (VRSA) - Elpis Ventures," the textile company said in its BSE filing.

The company agreed to sell the property for Rs 700 crore subject to payment of taxes, cost of approval as applicable.

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Commenting on the development, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, "The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders."

Given the fact that residential project, 'Raymond Realty' is underway, this development will ensure a vibrant real estate ecosystem within its vicinity offering home buyers a better choice, it added.

The stock was quoting at Rs 584.30, up Rs 37.20, or 6.80 percent on the BSE at 1105 hours.

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First Published on Oct 9, 2019 11:28 am
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