Parsvnath shares gain over 10% on land deal buzz
Mumbai: Shares of Parsvnath Developers Monday gained over 10 percent amid reports that several major players are in fray to acquire its commercial property in central Delhi.
Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal, among others, are reported to be in fray to buy the prime land near Connaught Place in the National Capital.
Following the reports, Parsvnath shares opened firm and gained 10.3 percent to touch Rs 61 on the BSE.
On the NSE, the scrip shot-up 10.49 percent to Rs 61.05.
Parsvnath Developers' holds 1.18 acre in the area. In January, it announced plans to monetise the K G Marg land, which it had bought for Rs 200 crore in 2008.
As per the reports, Parsvnath, which is eyeing about Rs 700 crore from sale of this land, got the building plan approved from the local authority last week and potential buyer can start construction on the land immediately after the deal.