RPG Lifesciences rallies over 9% on sale of surplus land

MUMBAI: Shares of RPG Lifesciences surged higher following a gap-up open as sentiment turned bullish after the company sold leasehold rights on its surplus land.

The company has sold 14,148.90 square meters of land situated at TTC Industrial Area, Navi Mumbai to Maruti Suzuki for Rs 76.91 crore.

"The proceeds from the transaction will be utilized for reducing the debt of the company and investing in projects to drive future growth of the company," said Ajit Singh Chouhan, Managing Director, RPG Lifesciences.

The company had acquired a land admeasuring 48,632 square meters on 95 years lease from Maharashtra Industrial Development Corporation. Out of this, part of the land 14,148.90 square meters was surplus land.

At 10:00 a.m.; the stock was at Rs 71.60, up 9.15 per cent, on the BSE. It touched a high of Rs 73.90 and a low of Rs 69 in trade today.