GOCL Corporation Ltd shares hit the 20% upper circuit limit at ₹453.35 apiece on BSE on Thursday after the company signed an agreement with Squarespace in Hyderabad for a consideration of ₹3,402 crore.
In a stock exchange filing, the energetics and commercial explosives major announced that it has entered into a Memorandum of Understanding (MoU) with Squarespace lnfra City Private Limited in Hyderabad for the monetisation of land in Kukatpally.
The said land has an area of approximately 264.5 acre in Kukatpally, Hyderabad, of which 32 acres land is under joint development agreement (JDA), the company informed the bourses. The monetisation of this land will be conducted over a period of 18 months in multiple tranches.
The Board of Directors of GOCL Corporation has approved the immediate sale of 12.5 acres of land, out of the aforementioned 264.5 acres. The said 12.5 acres of land is under a JDA with Hinduja Estates Private Ltd, which is now known as Hinduja Healthcare Limited (HHL).
The consideration of the entire piece of land is ₹3,402 crore, of which a sum of ₹520 crore will be received on signing the MoU.
Of the ₹520 crore sum, ₹160 crore will be for the sale of 12.5 acre of JDA land and the remaining amount will be retained by the company as advance for future tranches, GOCL said in a release dated March 27.
Shares of GOCL Corporation have gained more than 60% in the last one year. However, the stock has declined over 12% year-to-date and 11% in the last three months.
GOCL Corporation is a leading player in the industrial explosives, mining and infrastructure contracts and property development.
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