Peninsula up 6% as AB Group fund may buy stake in Pune proj

Shares of Mumbai-based realty developer Peninsula Land surged nearly 6 percent intraday on Friday on media reports that Aditya Birla Group's real estate fund may buy 50 percent stake in Ashok Piramal-led realty developer's 30-acre township project in Pune for over Rs 150 crore.

According to the report, the deal values the projects total development potential of 2-million sq ft at Rs 230 crore. "The process of due diligence is already over. Both parties are negotiating final terms and valuation. The transaction is likely to be concluded soon after the board of Peninsula Land clears it, the report added.

At 13:08 hours IST, shares went up 2.17 percent to Rs 51.90 amid high volumes on Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,449.05 crore.
 
The stock fell nearly 14 percent in last one month while it gained 36 percent in one year.

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