Parsvnath highest bidder for BEST land

MUMBAI: Delhi-based Parsvnath Developers has won the bid for the 7.5 acre land owned by BEST in Kurla for Rs 55 crore.

BEST had called bids for a bus terminal-cum-commercial complex project on its 7.5 acre land on LBS Marg in Kurla. The transport and electricity provider had estimated the reserve price of the land at Rs 33,000 per sq mt.

“Out of the 7.5 acres, 5 acres has been reserved for the development of a world-class bus terminal project while the remaining 2.5 acres for commercial complex,” Pradeep Jain, chairman, Parsvnath Developers said.

Parsvnath will pay Rs 55 crore for 2.5 acres and the remaining five acres will be developed as a bus terminal and given back to BEST.

Parsvnath has also filed its draft red herring prospectus with Sebi for a public issue of up to 3.32 crore equity shares. Of the total equity float, up to 3.30 crore equity shares are for the public, while the balance up to two lakh shares are reserved for eligible employees of the company.

The issue would constitute 25.15% of the fully diluted post issue paid-up capital of the company, while the net offer to the public would constitute 25% of the fully diluted post issue paid-up capital.