Latest News | Mahindra Lifespace Shares Zoom 20 Pc Post Land Deal Announcement with M&M

New Delhi, Feb 10 (PTI) Shares of Mahindra Lifespace Developers Ltd on Thursday surged nearly 20 per cent to its 52-week high after announcing that it will buy 9.24 acres from Mahindra & Mahindra Ltd.

On BSE, the scrip zoomed 19.99 per cent to its upper circuit limit of Rs 320.55.

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Similarly, on NSE, the shares rallied 19.99 per cent to the upper band price of Rs 321.5.

The stock hit its 52-week high on BSE as well as NSE.

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In a regulatory filing, the realty firm said it will purchase about 9.24 acres of land in Kandivali, Mumbai, from Mahindra & Mahindra Ltd for Rs 365 crore for development of a housing project.

Mahindra & Mahindra is the promoter and holding company of Mahindra Lifespace Developers.

This new project will be Mahindra Lifespace's second residential development in Kandivali after its successful 'Mahindra Roots' project and will offer about 1 million square feet of carpet area. The project is expected to be launched in FY23, the company said in a regulatory filing.

The aggregate consideration for this land deal is Rs 365 crore (subject to actual land area survey, deduction of TDS and applicable taxes), to be paid in tranches and interest of 7 per cent per annum payable during the interim period of payment on unpaid principal balance from the sale date.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)