Kansai Nerolac surges as company sells prime land to Brigade & GIC

NEW DELHI: Shares of Kansai Nerolac Paint, the largest industrial paint and second largest decorative paint company of India, closed with mild gains of 0.30 per cent in Thursday's trade after the company sold its Chennai land to the Brigade Group.

Reacting to the development, the scrip climbed 6.14 per cent on BSE to hit a high of Rs 297.90, which is close to its 52-week high of Rs 299. The stock has gained 10 per cent so far this year.

The company sold its 15.86 acre land in Perungudi, Chennai, to a special purpose vehicle, a subsidiary company, floated by the Singapore-based Brigade & GIC. The land has been sold at a valuation of Rs 537.86 crore.