Oberoi Realty rallies over 18% on Rs 1155 crore land deal with Tata Steel

NEW DELHI: Oberoi Realty Ltd rallied as much as 18.01 per cent in trade on Wednesday after Tata Steel sold its 25-acre Borivali land parcel in Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction.

The stock closed the day at Rs 217.95, up 9.69%, on the Bombay Stock Exchange (BSE). It hit a low of Rs 204.95 and a high of Rs 234.50 in trade today.

Tata Steel Ltd was trading 1.6 per cent higher at Rs 372.60. It has hit a low of Rs 370.10 and a high of Rs 373.60 in trade today.

Tata Steel had launched the bid-cum-auction process for sale of the land parcel in on December 18 last year through public advertisements.

Oberoi Realty won the tough bid defeating other realty majors to acquire the property.

"The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board today declared Oberoi Realty Limited as the highest bidder of the auction on the basis of their final bid of Rs 1,155 crore, after several rounds of bidding," the steel giant said in a statement.

The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai, and is abutting both these roads, PTI reported.