Rane Madras enters into agreement to Sell Land Parcel in Velachery, Chennai

Rane (Madras) Limited ("RML") has entered into an agreement with Canopy Living LLP (A joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) to sell 3.48 acres of land in Velachery. Total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed.

This land monetization will achieve twin objectives of reducing debt as well as integrating city offices of various divisions to further unlock long term cost synergies of the merger.

Shares of Rane (Madras) Limited was last trading in BSE at Rs. 863.80 as compared to the previous close of Rs. 901.55. The total number of shares traded during the day was 2595 in over 584 trades.

The stock hit an intraday high of Rs. 917.00 and intraday low of 858.45. The net turnover during the day was Rs. 2287084.00.

Source : Equity Bulls

Keywords

RaneMadras INE050H01012 LandSale Velachery Chennai CanopyLivingLLp ArihantFoundationsandHousing PrestigeEstatesProject