Orbit Corporation sells its property to JSW Group for Rs.807 Crores

Orbit Corporation Ltd has announced that the Company has negotiated and finalised its intent to sell the land (Property situated at C.T.S. No. 5433C, 5432, 5408B, 5424, 5433B and 5434 of Village Kole Kalyan Taluka situated lying and being at Kalina, Santacruz (East), Mumbai) with the construction thereon of commercial office space at a value of Rs 807 Crore to JSW Steel Ltd, JSW Power Trading Company Ltd, and JSW Investments Pvt Ltd in the ratio of 35%, 15% and 50% respectively.

Further the Company has informed that the sale of its property known as Hafeez Contractor House located at Lower Parel, Mumbai, a commercial office space admeasuring 2,05,000 sq. ft. at a value of Rs 360/- Crore has been cancelled which was earlier agreed upon with JSW Steel Ltd and JSW Power Trading Company Ltd in the ratio of 70% and 30% respectively.

The stock closed the day at Rs.399.50, down by Rs.40.25 or 9.15%. The stock hit an intraday high of Rs.447.80 and low of Rs.392. The total traded quantity was 1691440 compared to 2 week average of 3441355.

Source : Equity Bulls

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