Puravankara rallies as board approves exit from Rs 403 cr investment in Raidurg
NEW DELHI: Shares of Puravankara jumped over 3 per cent in Wednesday’s trade after the company informed the stock exchanges that its board had passed an enabling resolution to exit a Rs 403 crore investment in Raidurg, Panamaktha Village.
This would involve the sale of its entire shares in three wholly-owned subsidiaries of the company.
“The transaction has been authorised on the condition that total inflow should not be less than a sum of Rs 475 crore,” the company said in a BSE filing.
Following the announcement, the stock rallied 3.34 per cent to hit a high of Rs 61.75 on BSE. At this price, the stock was trading 19.81 times its trailing 12-month earnings per share (EPS).
The stock has risen 26 per cent in last one year, compared with a 9 per cent rise in Unitech, 7 per cent drop in DB Realty and a 45 per cent surge in shares of Anant Raj.
This would involve the sale of its entire shares in three wholly-owned subsidiaries of the company.
“The transaction has been authorised on the condition that total inflow should not be less than a sum of Rs 475 crore,” the company said in a BSE filing.
Following the announcement, the stock rallied 3.34 per cent to hit a high of Rs 61.75 on BSE. At this price, the stock was trading 19.81 times its trailing 12-month earnings per share (EPS).
The stock has risen 26 per cent in last one year, compared with a 9 per cent rise in Unitech, 7 per cent drop in DB Realty and a 45 per cent surge in shares of Anant Raj.
