Mahindra Lifespace surges on exploring option to sell development rights

           Mahindra Lifespace Developers is currently trading at Rs. 374.05, up by 6.10 points or 1.66% from its previous closing of Rs. 367.95 on the BSE.

           The scrip opened at Rs. 370.00 and has touched a high and low of Rs. 384.00 and Rs. 370.00 respectively. So far 2076 shares were traded on the counter.

           The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 452.00 on 19-Nov-2012 and a 52 week low of Rs. 283.95 on 10-May-2012.

           Last one week high and low of the scrip stood at Rs. 386.15 and Rs. 362.70 respectively. The current market cap of the company is Rs. 1511.07 crore.

          The promoters holding in the company stood at 51.04% while Institutions and Non-Institutions held 31.67% and 17.07% respectively.

          Mahindra Lifespace Developers together with the owner of a property in Byculla Mumbai, wherein the company has development rights on part of the property, are exploring the option of selling the same to third parties.

         Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities. [via]

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