CG Power and Industrial Solutions Ltd signs term sheet with K Raheja Corp for joint development

CG Power and Industrial Solutions Limited has signed a Term Sheet on December 14, 2023 with M/s. K Raheja Corp. Group Company ("Developer") for the joint development of the Company's Property 'CG House' situated at Dr. Annie Besant Road, Worli, Mumbai, built on leasehold land.

The Term Sheet includes the following:

1. The Developer will be granted development rights by the Company to develop the said land (admeasuring 4262.34 square meters) by demolishing the existing structure and thereafter constructing thereon one or more building/s, as permissible under the guidelines and further to be elaborated under the Development Agreement. The Development Agreement is expected to be signed within 45 days of the execution of the Term Sheet or such extended period as may be agreed.

2. The Company and the Developer will be entitled to 50% share of the leasehold right and the developed building. The statutory charges/cost will be borne by the Company and the Developer as agreed in the signed Term Sheet.

3. The project is expected to be completed over 5 years from the date of execution of the Development Agreement, subject to the receipt of necessary approvals.

Shares of CG Power and Industrial Solutions Limited was last trading in BSE at Rs. 459.65 as compared to the previous close of Rs. 466.25. The total number of shares traded during the day was 95994 in over 3118 trades.

The stock hit an intraday high of Rs. 464.95 and intraday low of 456.00. The net turnover during the day was Rs. 44057803.00.

Source : Equity Bulls

Keywords

CGPowerandIndustrialSolutions INE067A01029 LeaseholdLand CGHouse JointDevelopment