Anant Raj to sell stake in Greatway Estates for Rs 304 crore; stock gains

MUMBAI: Shares of Anant Raj surged over 4 per cent after its Board approved sale of 100 per cent stake in wholly owned subsidiary Greatway Estates Limited for Rs. 304.12 crore.

“The consideration received shall be utilised partly for repayment of debt and partly for development of the projects,” the company said in a filing to exchanges.

The company had reported a net profit of Rs 100.38 crore and revenue of Rs 503.11 crore for 2013-14. It had a debt of about Rs 1,400 crore at the end of last fiscal.

At 09:40 a.m.; the stock was at Rs 57.90, up 4.80 per cent, on the BSE. It touched a high of Rs 60 and a low of Rs 57.40 in trade today.