Kansai Nerolac Paints on Friday approved the proposal for sale of Company’s land at Kavesar, Thane admeasuring 96,180 sq. mts to Shoden Developers Private Limited, a group company of House of Hiranandani (hereinafter referred as the “Purchaser”) for consideration of Rs 655 Crores, the company announced through an exchange filing.
The Company had further informed that the Company had entered into an Agreement to Sell with the Purchaser and the sale is subject to completion of procedures and approvals as may be necessary in this regard.
With the completion of procedures and approvals as required for the sale, the Board of Directors has now approved the aforesaid sale transaction including the sale of additional area admeasuring 910 sq. mts., thus aggregating to a total area of 97,090 sq. mts., together with the transfer of rights in land admeasuring 6,300 sq. mts. at Kavesar, Thane, for a total consideration of Rs 671 Crores to the Purchaser.
Kansai Nerolac Paints Shares
The shares of Kansai Nerolac Paints on Friday at 3:30pm IST were at Rs 454, down by 0.65 percent.
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