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Premier Ltd Announces Agreement with Horizon Projects Pvt. Ltd.

Wednesday, 16 Jan 2013 03:12am EST 

Premier Ltd announced that it has entered into an agreement with Horizon Projects Pvt. Ltd., part of the Runwal Group, to develop an Affordable / Middle Income Housing project on 150 acres (out of 218 acres) of its land at Dombivli, Mumbai. The Company will continue to retain the balance 88 acres (218-150) of its land. The Company has received INR220 Crore (INR2.2 Billion) as part consideration for this transaction. In addition, it will receive built up flats aggregating to 500,000 sq.ft. in the said project, The Company, if it so decides, has the option to swap this area for a cash payout in 24 months. There is no additional financial outlay required to be made by the Company in this project. The Company has utilized the above proceeds to pay certain State Government dues linked to the land and will utilize the balance to repay its corporate debt. 

Company Quote

2.2 +3.05%
5:34am EDT