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Bombay Dyeing Shares Zoom 20%, Hit 52-Week After Rs 5,200 Crore Worli Land Deal – News18


Last Updated: September 14, 2023, 10:29 IST

Bombay Dyeing's land sale decision impacts share prices.

Bombay Dyeing’s land sale decision impacts share prices.

Shares of Bombay Dyeing Ltd. zoomed 20 per cent higher on Thursday after the company said that it will be monetising its 22 acre land

Shares of Bombay Dyeing Ltd. zoomed 20 per cent on Thursday after the company said that it will be monetising its 22 acre land parcel in Worli to Goisu Realty Pvt. Ltd. The transaction will be done in two phases for a total consideration of Rs 5,200 crore.

The first phase will see the company receiving Rs 4,675 crore, while the rest will be received upon completion of certain conditions as set out in the definitive agreements.

The board of directors of the company approved the proposal to sell the land parcel of about 22 acres (along with the associated FSI) in Worli, Mumbai to Goisu Realty Private Limited (a subsidiary of Sumitomo Realty & Development Company Limited) in 2 phases, for a total consideration of about Rs 5,200 crore, subject to approval of its shareholders.

Post shareholders’ approval the company will receive about Rs 4,675 crore from the buyer for Phase-I and balance amount of about Rs 525 crore upon completion of certain conditions by the company and execution & consummation of the definitive agreements thereto for Phase- II.

The board decided to convene an extra-ordinary general meeting (EGM) of the members of the company and a notice for the same will be circulated in due course. The agreement for sale (phase I) is expected to be entered on or before September 30, 2023 and for phase II by Q423-24.



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