Rallis India to sell its surplus land near Hyderabad

Rallis India Ltd has announced that the Company on September 28, 2007 has entered into an Agreement for Sale with R R Mega Property Developers Pvt. Ltd., nominees of Peninsula Land Ltd., for sale of a part of its surplus industrial land admeasuring about 31 acres, at Patancheru, near Hyderabad in the State of Andhra Pradesh for an aggregate consideration of Rs 90 Crores.

The sale of the land is subject to fulfillment of certain conditions including, inter alia, the satisfactory completion of due diligence by R R Mega Property Developers Pvt. Ltd. with respect to the title of the Company to the property.

The stock closed the day at Rs.411.65, up by Rs.16.85 or 4.27%. The stock hit an intraday high of Rs.459 and low of Rs.384.05.

The total traded quantity was 365782 compared to 2 week average of 120412.

Source : Equity Bulls

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