Bombay Dyeing gets Rs 4,675 crore from Mumbai land deal

The share price of Bombay Dyeing Company increased after the company reported receiving nearly Rs 4,675 crore from the sale of a piece of property in Mumbai's Worli district.

On October 16, the business ceded the land and related FSI from Phase-I of Worli to Goisu Realty Private Limited, a division of Sumitomo Realty & Development Company Limited, for a total of about Rs 4,675 crore.

The company's loans would be repaid with the proceeds, and the remaining funds will be invested in authorised securities for future growth, it stated.

The proposal to sell the 22-acre land parcel (together with any related FSI) to Goisu Realty Private Limited in two phases for a sum of around Rs 5,200 crore was authorised by the board of directors.

Upon the fulfilment of a few requirements by the company and the execution and conclusion of the definitive agreements thereon for Phase-II, it was said that the remaining sum of around Rs 525 crore will be paid.