Parsvnath raises Rs100 crore via equity sale

Realty firm Parsvnath Developers Ltd said it has raised Rs100 crore by selling 49.9% stake in a housing project at Ghaziabad to private equity (PE) firm Sun Apollo.

The 31-acre housing project 'Parsvnath Exotica' is being developed by its subsidiary Parsvnath Buildwell.

"Sun-Apollo will invest up to Rs100 crore for a 49.9% stake in the project SPV Parsvnath Buildwell, which will develop the project," Parsvnath said in a statement.

The construction of the project has already commenced and all requisite approvals, including sanction of building plans, have already been obtained.

On Tuesday, Parsvnath ended 1.44% down at Rs54.90 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.14% down at 19,196.34 points.

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Punj Lloyd wins Bihar government contract for water plant

Infrastructure major Punj Lloyd Ltd said it has won a contact from the Bihar government for a water treatment plant to supply 6.224 million litres of drinking water per day to fluoride affected areas at Kharagpur. No financial details were provided.

The scope of work includes engineering, procurement, construction, installation and commissioning of a centralised water treatment plant to supply treated water to Khaira and its adjoining villages, the company said.

The project will be completed over a period of 24 months, it added.

On Tuesday, Punj Lloyd ended 0.35% down at Rs100.05 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.14% down at 19,196.34 points.

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Apollo Tyres signs MoU with Tamil Nadu government

Apollo Tyres Ltd has signed a supplementary memorandum of understanding (MoU) with the Tamil Nadu government for increasing its investments in the state to Rs2,100 crore as part of its greenfield project.

Considering the demand for the product, Apollo Tyres has decided to make a total investment of Rs2,100 crore, a state government release said.

With the additional investment the plant capacity would be increased to 6,000 truck and bus radial tyres per day along with 8,000 passenger car radial tyres per day, it said.

On Tuesday, Apollo Tyres gained 1.64% to Rs61.90 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.14% down at 19,196.34 points.

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