HDIL to purchase Kilburn Engineering's Bhandup Property for Rs.124.70 Crores

Housing Development & Infrastructure Ltd (HDIL) has announced that the Company has already entered into an MOU for purchase of 8.32 acres of property belonging to Kilburn Engineering Ltd situated at Bhandup for a total consideration of Rs 124,70,00,000. Subject to necessary approvals the transaction will be effected in stages over a period of time.

While Kilburn Engineering has already shifted part of its operations to a nearby location, the Company also expects to finalize another site very shortly for relocation of its other manufacturing operations.

The HDIL stock was trading at Rs.527.05, up by Rs.25.20 or 5.02%. The stock hit an intraday high of Rs.533.65 and low of Rs.514.25. The total traded quantity was 1099943 compared to 2 week average of 1192234.

The Kilburn Engineering stock was trading at Rs.75.90, up by Rs.7.90 or 11.62%. The stock hit an intraday high of Rs.80 and low of Rs.72. The total traded quantity was 323275 compared to 2 week average of 68936.

Source : Equity Bulls

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