Oberoi Realty successfully bids for Thane property; stock hits new high

The stock hit a record high of Rs 438, up 8% on BSE in other wise weak market in intra-day trade

Oberoi Realty hit a fresh high of Rs 438, up 8% on BSE in an other wise weak market in intra-day trade, after the company announced that GlaxoSmithKline Pharmaceuticals Limited ('GSK') has selected the real estate company as the successful bidder for its Thane property.

“GlaxoSmithKline Pharmaceuticals Limited ('GSK') has selected Oberoi Realty Limited as the successful bidder for the land admeasuring approximately 60 acres located at Thane, Maharashtra,” Oberoi Realty said in a BSE filing.

The Company's bid for purchase of the said land was for a consideration of Rs 555 crore, it added.

The proposed purchase of land is subject to compliance and adherence with the terms and conditions of the bid, including receipt of all statutory and regulatory approvals from the concerned authorities and signing of definitive documents between the Company and GSK in this regard, Oberoi Realty said.

In past one month, the stock has outperformed the market by gaining 17% against 0.4% decline in the S&P BSE Sensex.

At 10:22 am, the stock was up 4.5% at Rs 425 against 0.92% fall in the benchmark index. A combined 413,248 shares changed hands on the counter on BSE and NSE.