Multibagger auto component stock Rane Madras jumps 9% after land sale move worth over ₹360 crore
The small-cap stock opened at ₹ 873.70 against its previous close of ₹ 863.80 and jumped 9.4 per cent to an intraday high of ₹ 945.25. Around 2:25 PM, Rane (Madras) share price traded almost 8 per cent up at ₹ 932. Equity benchmark Sensex was 0.22 per cent up at 83,941 at that time.
During market hours on June 27, the company said in an exchange filing that it had entered into an agreement with Canopy Living LLP, which is a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Project Limited) to sell 3.48 acres of land in Velachery, Chennai, for a consideration of ₹ 361.18 crore.
The company said this land monetisation 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.
The total extent of land in Velachery is 4.50 acres. Rane (Madras) said it would retain the balance portion of the land, where a new office will be constructed.
(This is a developing story. Please check back for fresh updates.)
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