Transindia Real Estate soared 8.49% to Rs 56.50 after the company has signed a definitive agreement to sell its logistics park at an enterprise value of Rs 636.71 crore in Jhajjar, Haryana
The deal consummation will help the company to realize substantial value from this divestment and continue to have zero debt.Additionally, the company has also divested its 10% stake held in Malur Logistics & Industrial Parks, Venkatapura Logistics & Industrial Parks, Kalina Warehousing, Panvel Warehousing and Allcargo Logistics & Industrial Park for an equity consideration of Rs 4.55 crore.
As a result of this divestment, Transindia Real Estate will receive over Rs 433.37 crore as cash proceeds. The company will deploy the capital to fuel its growth plans and expand its operationsin various locations. The deal will also boost the companys financial capabilities, paving the way for fresh investments in emerging business growth opportunities, it added.
Shashi Kiran Shetty, founder and chairman of Allcargo Group, said, The logistic industry is on the cusp of transformational growth due to the governments continued focus on logistics infrastructure development for creating an effective infrastructure connectivity. This milestone not only reflects our dedication to quality and innovation but also solidifies our position as industry leaders. TREL will continue to drive logisticsinfrastructure development to leverage the emerging opportunities with the construction of world class industrial and logistics parks.
Jatin Chokshi, managing director of Transindia Real Estate, said, Being a key player in the fields of real estate, warehousing, and commercial logistics, our focus has always been in developing cutting-edge logistics parks across India. Our infrastructure development initiatives are in line with our vision to develop assetsthat create value and are customised to meet international standards and specific business requirements. As India is making steady progress in becoming a key global manufacturing hub and third largest economy, we are working towards playing our role to facilitate the journey by developing world-class logistics projects.
Transindia Real Estate is one of the key players in the real estate, warehousing, and commercial logistics space. Company invests in developing and maintaining logistics assets that help businesses expand and simplify their global and domestic supply chains.
The companys consolidated net profit declined 13% to Rs 6.82 crore in Q3 FY24 as againt with Rs 7.84 crore posted in Q3 FY23. While net sales stood at Rs 25.55 crore in Q3 FY24, down 29.6% year on year.
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