Kansai Nerolac Shares Soar 6% on Completion of Land Sale

Mumbai: Shares of industrial paints maker Kansai Nerolac today surged over 6 per cent after the company said it has completed sale of its land in Chennai to realty firm Brigade Properties for over Rs. 538 crore.

The scrip climbed 6.14 per cent to Rs. 297.90 on BSE.

On NSE, it surged 5.99 per cent to Rs. 298.65.

Shares of Brigade Enterprises rose by 4.92 per cent to Rs.149.20.

The company sold land together with the buildings on it to Perungudi Real Estates, an SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company for a consideration of Rs. 537.86 crore, according to the firm’s filing.

In June last year, Kansai Nerolac had said its Board of Directors have approved the sale of the company’s land admeasuring 15.86 acres at Perungudi, Chennai, to Brigade Properties Pvt Ltd or its nominees/another special purpose vehicle (SPV) formed by Brigade Group and GIC Singapore for a sum of Rs. 550 crore.

Brigade Properties is a 51:49 joint venture between Bengaluru-based realty company Brigade Enterprises and GIC of Singapore.