Anant Raj hogs limelight

Anant Raj is hogging some limelight today. The stock is currently up almost 5% at Rs.57.85, with an intra day high at Rs.60. Its 52-week high is at Rs.84.80.

The company is doing well today, reacting to the news it announced on Friday that its Board has approved sale of its 100% equity stake in its wholly owned subsidiary, Greatway Estates for Rs.304 crore. This money will be used by the company partly for repayment of debt and partly for development of the projects of the Company. Its debt at end of FY14 stood at Rs.1400 crore.

The company is also looking at selling off one or two of its hotel properties or hospitality land parcels. It owns 14-15 prine land parcels  for hotel development of which 4 are under construction. Its land bank currently stands at 1100 acres in and around Delhi.