Shares of the company rose a day after it said the Ministry of Commerce and Industry approved a partial de-notification to its subsidiary.
After six consecutive sessions of losses, shares of Mahindra Lifespace Developers climbed almost 2 percent in morning trade on BSE on March 3, a day after it said the Ministry of Commerce and Industry approved a partial de-notification to its subsidiary.
In a regulatory filing on March 2, the company said, "the Ministry of Commerce and Industry (MOCI) has granted approval to Mahindra World City Developers Ltd (MWCDL) - a subsidiary of the company and the developer of the SEZ at Mahindra World City, Chennai - for partial de-notification of 55.90 hectares (de-notified land) in the non-processing area,"
"This de-notified land is a part of approximately 89 hectares which was leased earlier to another subsidiary of the company, Mahindra Integrated Township Ltd for undertaking residential developments in the part of the non-processing area," the company's BSE filing said.
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