The shares of this real estate developer gained 4 percent to ₹447 per share on Wednesday, a day after Infosys co-founder Nandan Nilekani, son Nihar Nilekani bought a stake in the company.
At 2:20 p.m., Nirlon Ltd. shares were trading at ₹417.35 a share, down 2.92 percent over the previous close price. The company has a market capitalization of ₹3,785 crore on the stock exchange.
On March 12, the two promoter entity Alfano PTE exited its stake in the company by offloading 9.23 lakh shares, or a 1.02 percent stake, for ₹ 430 per share. Another promoter, Kunal Virenchee Sagar, offloaded his entire stake of 1.47 percent, or 13.29 lakh shares, for ₹430.
Meanwhile, Nihar Nandan Nilekani, son of Infosys co-founder Nandan Nilekani, bought 22,52,041 equity shares, or a 2.49 percent stake, for ₹430 per share.Moneycontrol reported.
Nirlon Limited is a company that operates in real estate development, specifically focusing on developing office parks in Pahadi Village, Goregaon East, Mumbai.
Nirlon Ltd. is in the business of developing and managing the Industrial Park / Information Technology (IT) Park, i.e. Nirlon Knowledge Park (NKP) – Goregaon (East), Mumbai.
The company’s diverse operations span real estate development and kitchenware manufacturing, showcasing various products and services within these sectors.
The company has experienced a 5.5 percent year-on-year revenue increase, rising from ₹144 crore in Q3FY23 to ₹ 152 crore in Q3FY24. Additionally, the net profit has declined by 3.7 percent, growing from ₹54 crore to ₹52 crore.
As of the recent shareholding pattern,the company promoter holds a 70.34 percent stake in the company, Foreign Institutional Investors hold a 14.25 percent stake and retail investors hold a 15.38 percent stake.
GIC Singapore became the majority shareholder and a co-promoter in 2015 vide an open offer through its affiliate, Reco Berry Private Limited (Reco) of Singapore, and currently has a 63.92% holding in the company.
Written by Omkar Chitnis
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