Bombay Dyeing Company share price rose 4 percent in the early trade on October 17 after the company said it received about Rs 4,675 crore after selling a land parcel in Mumbai's Worli neighbourhood.
At 9.20 am, Bombay Dyeing was quoting at Rs 158.05 on BSE, up 4.19 percent from the pervious close.
The company On October 16 signed the conveyance deed with Goisu Realty Private Limited, a subsidiary of Sumitomo Realty & Development Company Limited, and transferred the land along with associated FSI of Phase-I located at Worli for a total consideration of about Rs 4,675 crore.
The proceeds shall be used for repaying loans of the company and the balance invested in approved securities for future developments, it said.
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The board of directors approved the proposal to sell the land parcel of about 22 acres (along with the associated FSI) to Goisu Realty Private Limited in 2 phases for a total consideration of about Rs 5,200 crore.
The balance amount of about Rs 525 crore would be received on the completion of certain conditions by the company and execution and consummation of the definitive agreements thereto for Phase- II, it said.
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