Patel Engineering sells Mumbai land for Rs 300 crore.

Q: The company has sold a 4-acre plot in Mumbai's central business district, Bandra Kurla Complex, for about Rs 300 crore as part of plans to sell assets to reduce debt.

Kishore Pathak, Mumbai

8th December 2014

Real estate News in Delhi

bandra-kurla complex

patel engineering

kanakia spaces ltd.

yogeshwari

yogeshwari residential complex

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Okey......
On December 08, 2014, Patel Engineering Company closed at Rs 106.75, down Rs 3.45. The 52-week high of the share was Rs 152.50 and the 52-week low was Rs 46.10. The latest book value of the company is Rs 210.19/share. At current value, the price-to-book value of the company is 0.51.

Arup rajan, Mumbai

8th December 2014

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Well Arup,
After coming this news their share price might fall. What is the current price of its share? What is the current value of its share comparison to last 52 weeks high? What is the latest book value of company's share?

Vibhor, Delhi

8th December 2014

Comment

Well Vibhor,
Earlier in September 2014, Patel Engineering had try to get shareholder's approval to finished its non-core assets to decrease debt. In a filing to stock exchanges in late September, it had told that it is planning to sell assets to reduce debt to the extent of Rs 1000 crore. As of March 31, the company's total joint debt was Rs 4478 crore.

Arup rajan, Mumbai

8th December 2014

Comment

HiArup,
It is also came to know that company is also in advanced talks with at least two investors for getting a co-developer for its 16-acre residential complex which it is building in Yogeshwari in Mumbai. This deal is to get a joint developer for the Yogeshwari residential complex is likely to get the company Rs 700 crore.

Vibhor, Delhi

8th December 2014

Comment

Hi,
Patel Realty, a division of Patel Engineering, last week signed a deal to sell the land to unlisted realty company Kanakia Spaces Ltd. But company's Managing Director Rupen Patel did not reply to calls made for looking comments.

Arup rajan, Mumbai

8th December 2014

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