Sharemasterindia.com: Shares of Kansai Nerolac Paints and Brigade Enterprises gained as much as 8 per cent and 18 per cent each respectively after both the companies struck a land deal.
Under the land deal, Kansai Nerolac Paints will sell its land measuring 15.86 acres in Perungudi, Chennai to Brigade Properties (formed by Brigade group and GIC Singapore) for a sum of Rs 550 crores.
In a release to Bombay Stock Exchange, Brigade Enterprises on Monday said, "Board of directors of Brigade Properties Private Limited, subsidiary of the company has approved today the acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints Limited for a consideration of Rs 550 crore subject to legal due diligence."
Trading volume in both the counters surged post this development. As of 10.32 a.m. 0.92 lakh shares Brigade Enterprises shares changed hands on the Bombay Stock Exchange compared to its two-week average trading volume of 15,000. Similarly, 44,000 Kansai Nerolac Paints shares were traded against average of 21,000 shares traded daily in the past two weeks.
