The proposed acquisition involves a commercial tower with a super built-up area of approximately 2.8 lakh sq ft, intended for self-use, leasing and investment purposes, the company said in an exchange filing.
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The total estimated investment for the purchase is around ₹1,374.45 crore, including duties and taxes. The payment will be made in stages, linked to the progress of construction and subject to the terms of the e-auction.The acquisition is subject to completion of necessary formalities and execution of definitive agreements.
Earlier this week, NBCC signed two memoranda of understanding (MoUs) with Housing and Urban Development Corporation Ltd. (HUDCO) to collaborate on the redevelopment and funding of projects.
The two will work jointly on the redevelopment of August Kranti Bhawan in Bhikaji Cama Place, New Delhi, spread over approximately 18,830 sq metres.
Shares of the company were trading /span>/span>93.54 as of 12.40 pm. The stock has gained 12.5% over the past month but has fallen about 23% year-to-date.
