GOCL Corporation Ltd update on monetization of Yelahanka land

The Board of Directors of GOCL Corporation Limited has today approved early monetization of the Company's land situated at Yelahanka, Bengaluru, known as the 'ecopolis' project. The project comprises of approximately 38 acres of land under joint development agreement (JDA) with Hinduja Realty Ventures Limited ('HRVL'). The project is in the process of getting de-notified from the SEZ purview.

The proposed monetization will be done by way of sale of the entire land and buildings to one of the country's top industrial houses. The total consideration for the land and buildings will be Rs.2,261 crores (approx.) and the sale transaction will be completed in tranches. On completion of the proposed sale transaction, the Company will be entitled for a consideration of approx. Rs.815 crores.

As the entire infrastructure was developed and managed by HRVL who have incurred substantial time and effort including obtaining of SEZ approvals, construction of buildings, approval for denotification from SEZ purview, etc., all at their cost and expenditure, the consideration is being apportioned between HRVL and GOCL.

The transaction is expected to be completed in about 6 months' time, extendable by mutual consent.

Shares of GOCL Corporation Limited was last trading in BSE at Rs. 223.85 as compared to the previous close of Rs. 236.50. The total number of shares traded during the day was 4143 in over 202 trades.

The stock hit an intraday high of Rs. 235.00 and intraday low of 223.60. The net turnover during the day was Rs. 937828.00.

Source : Equity Bulls

Keywords

GOCLCorporation INE077F01035 Ecopolis Monetization Yelahanka Land