Rane Engine Valve has surged 20% to Rs 551, also its 52-week high on the BSE in early morning trade after the company announced the sale of part of its land in Alandur, Chennai at a market value of Rs 94.82 crore.
“Towards the planned consolidation and rationalization of plant facilities across Company, post shifting of the Alandur, Chennai plant operations to the other plants, the balance portion of land owned by the company in Chennai, Alandur admeasuring 6.815 acres (approx.) has been sold by way of a deed of absolute sale dated August 11, 2016,” Rane Engine Valve said in a statement.
The total consideration received for this sale of land is at market value of Rs 94.82 crore, it added.
This transaction is not a related party transaction and the buyer is not related to the promoter, promoter group or key managerial personnel of the company, it said in a regulatory filing.
At 09:21 am, the stock was up 12% at Rs 515 on the BSE, as compared to 0.49% rise in the S&P BSE Sensex. A combined 22,085 shares changed hands on the counter on the BSE and NSE.