 "Kansai Nerolac sells Chennai land to SPV floated by Brigade & GIC Singapore")
The company informed BSE that the Board in June 2015 has approved the sale of company's land admeasuring 15.86 acres at Perungudi, Chennai to Brigade Properties Ltd or its nominees/ another SPV formed by Brigade Group and GIC Singapore for a sum of Rs 550 crore.
The company said the aforesaid sale transaction has been completed today.
The company has sold the aforesaid land together with the buildings on its Perungudi Real Estate PVt Ltd, a SPV of Brigade Enterprise Ltd and Reco-caspia, a GIC Singapore affiliate company, for a consideration of Rs 537.86 crore, said the company.