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Brigade Enterprises has rallied 18% to Rs 159 on the BSE in early morning trades after the company said its board approved the acquisition of land from Kansai Nerolac Paints for Rs 550 crore.
“The board of directors of Brigade Properties, subsidiary of the company has approved on 29 June 2015, the acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints for a consideration of Rs 550 crore subject to legal due diligence,” Brigade Enterprises said in a BSE filing.
The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders, it added.
Brigade Enterprises opened at Rs 143 and touched a high of Rs 160 on the BSE so far. A combined around 170,000 shares changed hands on the counter on the BSE and NSE till 0921 hours.
Meanwhile, Kansai Nerolac Paints was trading 3% higher at Rs 219 on the BSE. The stock hit a high of Rs 227 in early morning trades and has seen a combined around 210,000 shares changing hands on the BSE and NSE so far.
“The board of directors of Brigade Properties, subsidiary of the company has approved on 29 June 2015, the acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints for a consideration of Rs 550 crore subject to legal due diligence,” Brigade Enterprises said in a BSE filing.
The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders, it added.
Brigade Enterprises opened at Rs 143 and touched a high of Rs 160 on the BSE so far. A combined around 170,000 shares changed hands on the counter on the BSE and NSE till 0921 hours.
Meanwhile, Kansai Nerolac Paints was trading 3% higher at Rs 219 on the BSE. The stock hit a high of Rs 227 in early morning trades and has seen a combined around 210,000 shares changing hands on the BSE and NSE so far.
