Parsvnath Developers rallies 5% on fund raising plans
Parsvnath has 85 acres land in Kochi, of which 50% has already been notified as Special Economic Zone and process for the next half is in progress.
By ET Online | Updated:
NEW DELHI: Parsvnath Developers Ltd surged as much as 4.9 per cent in trade on Wednesday, a day after the realty firm said that it plans to either sell the Rs 1,000-crore worth land parcels in South-West India or form joint ventures with local builders for development.
At 09:35 a.m.; the stock was trading 4.2 per cent higher at Rs 36. It hit a low of Rs 35.30 and a high of Rs 36.25 in trade today.
"We are planning to monetise our land parcels in southern and western part of the country in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat. We will sell these plots if we get a good price or form joint ventures with local developers," said a PTI report quoting Parsvnath Developers Chairman Pradeep Jain said.
Asked about the value of these assets, Jain said it would be about Rs 1,000 crore.
Parsvnath has 85 acres land in Kochi, of which 50 per cent has already been notified as Special Economic Zone and process for the next half is in progress. It has 35 acres in Chennai and 75 acre in Mysore, added the report.
At 09:35 a.m.; the stock was trading 4.2 per cent higher at Rs 36. It hit a low of Rs 35.30 and a high of Rs 36.25 in trade today.
"We are planning to monetise our land parcels in southern and western part of the country in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat. We will sell these plots if we get a good price or form joint ventures with local developers," said a PTI report quoting Parsvnath Developers Chairman Pradeep Jain said.
Asked about the value of these assets, Jain said it would be about Rs 1,000 crore.
Parsvnath has 85 acres land in Kochi, of which 50 per cent has already been notified as Special Economic Zone and process for the next half is in progress. It has 35 acres in Chennai and 75 acre in Mysore, added the report.
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