PVP Ventures Ltd announces a Joint Development with Brigade Enterprises Ltd

PVP has executed a Joint Development Agreement (JDA) with Brigade for a residential project in the heart of Chennai. With this, PVP has fast-tracked the monetization of its prized land asset in the Chennai region. This development is expected to be amongst the largest residential projects in central Chennai. The project will encompass over 2.5 million square feet of residential inventory reflecting Brigade's design excellence and construction standards.

As per the terms of the JDA, PVP Ventures Ltd., will not incur any costs towards the development and is contracted to receive a 40 percent share of the revenue emanating from the entire sales of the project. The company expects its share of cash flows from this project to be in excess of Rs. 1000 crs over a 5 year time frame.

Mr. Gaurav Davda, Head - Strategy and Investor Relations, PVP Ventures Ltd. said, "This strategic partnership with Brigade is a result of years of planning and efforts by the promoters and management of the company to add value to the enterprise thereby returning the faith that the shareholders have shown. This part-monetization is only one small step towards the long-term value-creation journey that the team at PVP has charted for its shareholders. We shall provide our stakeholders with regular updates on the progress of each of these steps as they take concrete shape."

Shares of PVP Ventures Limited was last trading in BSE at Rs. 23.82 as compared to the previous close of Rs. 24.84. The total number of shares traded during the day was 456254 in over 1742 trades.

The stock hit an intraday high of Rs. 26.00 and intraday low of 23.60. The net turnover during the day was Rs. 11428862.00.

Source : Equity Bulls

Keywords

PVPVentures INE362A01016 RealEstate Residential Commercial JointDevelopmentAgreement Brigade ResidentialProject Chennai