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KEC International Ltd has inked a deal to sell about 7.3 acres to a Tata Group subsidiary for about Rs 212 crore.
In a communication to the stock exchanges, the company said that it has entered into an agreement with Ardent Properties Pvt Ltd, a fully owned subsidiary of Tata Housing Development Company Ltd, for selling over 7.3 acres at Rs 29 crore per acre.
The land is located in Thane district of Maharashtra and all the formalities are expected to be completed in about 3 months.
Shares of KEC International (face value Rs 2) spurted Rs 3.55 or 5.24 per cent to Rs 71.25 with a trading volume of 1.12 lakh shares on the BSE.
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