DIC India zooms 16% on receiving first tranche of payment for land sale

Shares of Godrej Properties also rose as much as 3.32 per cent on the BSE

Shares of DIC India rose as much as 16.22 per cent to Rs 360.30 on the BSE on Friday after the company said it had received the first tranche of Rs 102.5 crore from Godrej Properties upon registration of land at Mumbai's Chandivali in latter's favour.  

On February 27, 2020, Godrej Properties had informed the exchanges that the company had "entered into an agreement to purchase land in the upcoming & fast developing micro-market of Chandivali, Mumbai."

Spread across about 3 acres, this project will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small amount of retail space, it had said.

In a separate regulatory filing, DIC India had said that its board has approved the sale of land. "The consideration of this land parcel is up to Rs 153 crore to be paid in three tranches," it said.

On Thursday, DIC India informed the exchanges that "the registration of the land has been completed in favour of Godrej Properties on 18 June 2020. The company has received the first tranche of Rs 102.5 crore upon registration."

At 9:55 AM, the stock was up 12.05 per cent at Rs 347.35 on the BSE as compared to a flat Sensex. A combined 25,000 shares have changed hands on the NSE and BSE so far.

Following the development, shares of Godrej Properties also rose as much as 3.32 per cent to Rs 852 on the BSE.