Hindustan Construction Company (HCC) has rallied nearly 20% to Rs 12.45, bouncing back 24% from intra-day low, on heavy volumes on reports that Blackstone Group Lp is close to buying an office park in suburban Mumbai from HCC Real Estate Ltd and IL&FS Milestone Fund for Rs 1,001 crore.
The project owned by HCC is a corporate park – 247 Park in Vikhroli, Mumbai. A term sheet describes the general terms and conditions of a proposed acquisition of a company or a real estate project, and is subject to negotiations and the execution of a definitive sale agreement, Livemint stated.
In 2010, a fund of IL&FS Milestone Realty Advisors Pvt. Ltd acquired a 74% stake in the first phase of 247 HCC Park, a 1.8 million sq. ft commercial property in Vikhroli, Mumbai, while HCC Real Estate, a unit of HCC, picked up the remaining 26%, added report.
The stock opened at Rs 10.10 and hit a 52-week low of Rs 10.05 on NSE. A combined 3.22 million shares have already changed hands on the counter till 1154 hours against an average 1.14 million shares that were traded daily in past two weeks on NSE and BSE.
The project owned by HCC is a corporate park – 247 Park in Vikhroli, Mumbai. A term sheet describes the general terms and conditions of a proposed acquisition of a company or a real estate project, and is subject to negotiations and the execution of a definitive sale agreement, Livemint stated.
In 2010, a fund of IL&FS Milestone Realty Advisors Pvt. Ltd acquired a 74% stake in the first phase of 247 HCC Park, a 1.8 million sq. ft commercial property in Vikhroli, Mumbai, while HCC Real Estate, a unit of HCC, picked up the remaining 26%, added report.
The stock opened at Rs 10.10 and hit a 52-week low of Rs 10.05 on NSE. A combined 3.22 million shares have already changed hands on the counter till 1154 hours against an average 1.14 million shares that were traded daily in past two weeks on NSE and BSE.
