Of the two plots, the company will be selling 6.4 acre at its project Arihant Akarshan in Chokha locality of the city, while over half an acre will be from the project Arihant Adita on Gangana Road, the company said in a regulatory filing.
MUMBAI: Realty developer Arihant Superstructures’ board of directors has approved the plan to sell two land parcels totaling nearly 7 acres in Jodhpur out of its total 25-acre land holding in the city.
Of the two plots, the company will be selling 6.4 acre at its project Arihant Akarshan in Chokha locality of the city, while over half an acre will be from the project Arihant Adita on Gangana Road, the company said in a regulatory filing.
These plots will be sold through a public tender and bidding process. The company is planning to utilize the proceeds of this transaction to repay part of unsecured debt and for additional working capital for its Jodhpur business.
The company’s board has constituted a sub-committee consisting of an independent director Virendra Mittal, whole-time director Nimesh Shah and its chief financial officer Deepak Lohiya. This sub-committee has submitted its report to the board.
On Friday, shares of Arihant Superstructures closed at Rs 23.80, up 4.8% over previous close.
