Kansai Nerolac finalises sale of Lower Parel land parcel for ₹726 crore to Aethon Developers
Paint maker Kansai Nerolac Paints Ltd on Thursday (October 24) said it has successfully completed the sale of its land parcel at Lower Parel, Mumbai, along with the building situated on it, for a total consideration of ₹726 crore.
“This is further to our letter dated 26th December 2023 informing that the Board of Directors of the company had approved a proposal for entering into an agreement for sale with Aethon Developers Private Limited, a subsidiary of Runwal Developers Private Limited (Purchaser), for the sale of the Company’s land parcel at Lower Parel together with building thereon, for a consideration of ₹726 crores,” the company said in a stock exchange filing.
The sale was finalised following the necessary procedural and regulatory approvals. The agreement for sale was originally announced in December 2023, with the land being sold to Aethon Developers Private Ltd, a subsidiary of Runwal Developers Private Ltd.
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“The company had further informed that it had entered into an Agreement for Sale with the Purchaser and the sale is subject to completion of procedures and approvals as may be necessary in this regard,” Kansai Nerolac Paints said.
With the approvals now in place, Kansai Nerolac entered into definitive agreements for the conveyance and assignment of the lease to Aethon Developers. The transaction, approved by the company’s board of directors, marks the completion of the sale process as initially outlined.
“With the completion of procedures and approvals as required for the sale, the company, today, has entered into definitive agreements for conveyance/assignment of lease with the Purchaser for an aggregate consideration of ₹726 crores, pursuant to the approval of the Board of Directors for the same,” it added.
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Shares of Kansai Nerolac Paints Ltd ended at ₹271.90, down by ₹2.35, or 0.86%, on the BSE.
(Edited by : Shoma Bhattacharjee)
