Bayer CropScience Completes sale of Land and Building situated at Thane for Rs.1250 crores

Bayer CropScience Ltd is the owner of certain parcels of non-agricultural land measuring approximately 104 acres comprising of various survey numbers and hissa numbers at Kolshet Road, Balkum Village, Thane, Maharashtra, together with buildings and structures standing thereon.

The company had entered into a non-binding and exclusive arrangement with Agile Real Estate Private Limited on March 31, 2011 for the proposed sale of the land and building to be completed at a future date. The company also received a sum aggregating to Rs.520,00,00,000 (Rupees Five Hundred Twenty Crores only) from Agile as Earnest money and advance for this exclusive deal.

Agile and the company have accepted a sum of Rs.1250,00,00,000 (Rupees One Thousand Two Hundred and Fifty Crores only) to be the full and final aggregate consideration for the sale and transfer of the said property in favour of Agile. The company has entered into agreements on November 29, 2012 to transfer the said property to Agile and received the balance consideration of Rs.730,00,00,000 in full and final consideration.

The Bayer CropScience Ltd stock was trading at Rs.1219.05, up by Rs.22.15 or 1.85%. The stock hit an intraday high of Rs.1288 and low of Rs.1197.

The total traded quantity was 37746 compared to 2 week average of 5698.

Source : Equity Bulls

Keywords