Parsvnath bagged a plot in Dwarka for Rs 4.49 billion

Parsvnath (Q, N,C,F)* Developers said it has bagged a Rs 17.50 billion contract under group housing scheme from New Okhla Industrial Development Authority (NOIDA). The project is expected to be completed in about three years time and the developable area would be about 7.5 million sq. ft. The company, pursuant to the green shoe option (GSO) exercised by the stabilizing agent, JM Morgan Stanley, recently allotted 30,87,800 number of equity shares of Rs 10 each at a premium of Rs 290 per equity share to the stabilizing agent. The company has bagged a plot measuring 24,355 square meters at Dwarka in New Delhi for a price of Rs 4.49 billion. The company had participated in an open auction for hotel plots conducted by Delhi Development Authority (DDA). The shares of company were trading up Rs 3.05, or 0.95% at Rs 324.60 at BSE. The total volume of shares traded was 433, 240. (13:40 p.m., Monday). Source: IRIS