Nippon Life India Asset Management said that it has executed a definitive agreement with One Place Commercials for the purchase of commercial office space in Lower Parel, Mumbai for Rs 486 crore.
The new space, located at One Lodha Place, Lower Parel, spans a carpet area of 52,162 square feet.The purchase has been made for a consideration of Rs 486 crore, excluding applicable stamp duty. NAM India said there are no shareholding ties with the selling entity, and the transaction is not categorised as a related party transaction.
NAM India is the asset manager of Nippon India Mutual Fund (NIMF). The company is involved in managing mutual funds including exchange traded funds (ETFs); managed accounts, including portfolio management services (PMS), alternative investment funds and pension funds; and offshore funds and advisory mandates.
The companys consolidated net profit jumped 47.33% to Rs 360.10 crore on 45.59% rise in total income to Rs 692.08 crore in Q2 FY25 over Q2 FY24.
The scrip rose 0.99% to currently trade at Rs 681.50 on the BSE.
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