Mahindra Lifespace rallies 20% on plan to buy land parcel from M&M

M&M said it will not have any impact on the operations of the company as no operations of the Auto and Farm Sectors are carried out on the land being sold.

Shares of Mahindra Lifespace Developers soared 20 per cent to hit a 52-week high of Rs 320.55 on the BSE in Thursday’s intra-day after the company announced that it will purchase approximately 9.24 acres of land in Kandivali, Mumbai from Mahindra & Mahindra (M&M) for real estate development. M&M is the promoter and holding company of Mahindra Lifespace.

The land purchase is for an aggregate consideration of Rs 365 crore (subject to actual land area survey, deduction of TDS and applicable taxes) to be paid in tranches and interest of 7 per cent per annum payable during the interim