Vipul gains 13% on environmental clearance for Aarohan project

Moneycontrol BureauShares of Vipul touched 52-week high of Rs 84.50, rises 13 percent intraday Monday as it has received environmental clearance for its Gurgaon project.The company has received environmental clearance from State Environment Impact Assessment Authority, Haryana for its project Aarohan on Golf Course road in Gurgaon.By June 2016, the company had already sold more than 26 percent of flats in phase 1 of the project."With this permissions and construction is likely to commence soon, the company has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35 percent per annum," as per company release."The company will use part of the amount raised from PNB Housing Finance for per-payment of the debt from DMI, which was utilised towards pre-operative expenses of project Aarohan," it added.Punit Beriwala, MD of Vipul said, "With environmental clearance in place we are now gearing up to launch construction and are confident delivering a world-class sustainable living space to our buyers."At 09:33 hrs Vipul was quoting at Rs 80.70, up Rs 5.90, or 7.89 percent on the BSE.Posted by Rakesh Patil