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Mafatlal Industries sells Mumbai land for Rs 605 crore

Textiles firm Mafatlal Industries today said its shareholders have approved the proposal to sell its land at Mazgaon in Mumbai to Gliders Buildcon LLP for Rs 605 crore.
Mafatlal Industries The company's shareholders, by way of postal ballot, have approved "development or sale/assignment of leasehold land of the company ad measuring about 30,910 sq metres situated at Mumbai for a consideration of Rs 605.80 crore to Gliders Buildcon LLP or their affiliates nominees," Mafatlal Industries said in a filing to Bombay Stock Exchange (BSE).
The shareholders also approved that in case transaction with Gliders Buildcon LLP fails to materialise then the can sell it to other parties for not less than Rs 600 crore.
Earlier in May this year, the company's board had accepted Gliders Buildcon LLP's offer for the development of leasehold land ad measuring around 30,910 sq metres.

Source: Jun 17, 2011 , Business Standard