Shares of GOCL Corporation, a Hinduja Group firm, hit the 20% upper circuit at Rs 453.35, a day after it said it has signed an agreement with Hyderabad-based developer to monetise 264.5 acre land in Kukatpally, Hyderabad. The company will get Rs 3,402 crore from the deal.
Late on Wednesday, GOCL said it has signed a memorandum of understanding with Squarespace Builders to monetise the land. The agreement includes the joint development of 32 acre land in collaboration with Hinduja Estates, now known as Hinduja Healthcare (HHL). The process will get completed over an 18-month period, the company said.
The company has commenced the immediate sale of 12.50 acre land from the total 32 acre under the joint development agreement. As the first tranche, the company will receive a payment of Rs 520 crore, of which Rs 160 crore will be consideration for the sale of 12.50 acre. The remaining funds will be disbursed to the company in phases through subsequent transactions in the future, it said.
“With enhanced financial flexibility, GOCL is poised to progress forward, swiftly navigating dynamic market landscapes,” it said.