Bombay Dyeing Land Deal: The biggest land deal has happened in the country’s financial capital, Mumbai. Bombay Dyeing will earn Rs 5200 crore by selling this land in Worli. Bombay Dyeing will sell 22 acres of land to Japan’s Sumitomo Realty and Development Company for Rs 5,200 crore. Wadia Group’s Bombay Dyeing has given this information in its exchange filing today.
Bombay Dyeing Informed The Stock Market
Bombay Dyeing said in the information given to the stock market that Sumitomo’s subsidiary Goisu will pay for this deal in two phases. Rs 4,675 crore will be paid in the first phase, and the remaining Rs 525 crore will be paid after fulfilling certain conditions.
According to the statement, the Board of Directors of Bombay Dyeing met on Wednesday to approve the deal. This deal is now pending the shareholders’ approval; steps will be taken towards completing it after their approval.
Where Will The Company Use The Money Received From The Land Deal?
Bombay Dyeing will use the proceeds from this deal to repay its debt and complete future projects. The company has mentioned in the information given to the exchange that.
Tremendous Rise In Shares Of Bombay Dyeing
Due to this news, there was a huge jump in the shares of Bombay Dyeing today. The company’s shares closed at Rs 140.50 per share, with a huge jump of 6.93 per cent. A tremendous increase was seen in the company’s market cap today, reaching Rs 2901 crore.
However, the price of the land deal done by the company is much more than the total market cap of the company. This land deal of Rs 5200 crore can prove to be a very profitable deal for the business of Bombay Dyeing.
