Kansai Nerolac looks as bright as a rainbow today; from its closing price of yesterday at Rs.325.05, the stock opened at Rs.350.40 and went on to hit a new 52-week high at Rs.355. It is currently trading at Rs.340 levels.
The company announced yesterday after market hours that the Board has finally approved the proposal put forth on 22nd Aug’22 for monetization of idle land parcels which are not being put for productive use.
The company has got the Board’s nod for selling its land parcel at Lower Parel, Mumbai, along with the building thereon to Aethon Developers Private Limited, subsidiary of Runwal Developers Private Limited (“Purchaser”).
This will fetch the company Rs.726 crore. The sale is subject to completion of procedures and approvals as may be necessary in this regard.
Five months ago, in July’23, Kansai Nerolac sold its land parcel in Thane to the Hiranandani Group for a total consideration of Rs.671 crore.