Realty stock, engaged in developing retail ventures, commercial projects, and many more, hit a 5 percent upper circuit in the day’s trade following an investment of ~Rs. 100 Crores from Delta Corp Limited and forming a JV with Delta Corp, with an investment of Rs. 250 Crores.
At 2:44 p.m. the shares of Peninsula Land Limited hit a 5 percent upper circuit at Rs. 48.60 and its market capitalization is Rs. 1,428 Crores.
Peninsula Land approved and allotted 1.5 Crore equity shares at Rs. 44 for an aggregate consideration of Rs. 66 Crores and also issued 77.27 lakh unsecured compulsory convertible debentures for an aggregate consideration of Rs. 33,99,88,000 to Delta Corp Limited. In total Delta Corp Limited has invested Rs. 99,99,88,000 or ~Rs. 100 Crores in Peninsula Land Limited.
In Addition to this Peninsula Land Limited is collaborating with Delta Corp Limited to form a Joint Venture and both will jointly invest Rs. 250 Crores for developing commercial and residential projects in Mumbai and Goa. In this Joint Venture, Delta Corp Limited will be the majority partner and the Company will be the Development Manager on an arm’s length basis.
The company’s revenue from operations grew 130.81 percent from Rs. 433.56 Crores in FY22 to Rs. 1,000.71 Crores in FY23, accompanied by a loss of Rs. 109.95 Crores to profit of Rs. 97.03 Crores.
It has reported a return on capital employed (ROCE) of 29.4 percent and profit margins of 10.15 percent.
According to the latest shareholding data available for the September 2023 quarter, the Promoters of the company hold 63.51 percent stake, the Foreign Institutional Investors (FII) hold 0.01 percent and the Domestic Institutional Investors hold 1.06 percent.
Peninsula Land Limited which is part of the Ashok Piramal Group is an integrated real estate company, engaged in developing retail ventures, commercial projects, and residential complexes.
Written by: Bharath K.S
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