Arvind SmartSpaces shines on getting nod to set up Rs 900 crore residential platform with HDFC Capital
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Arvind Smartspaces is currently trading at Rs. 203.50, up by 13.85 points or 7.30% from its previous closing of Rs. 189.65 on the BSE.
The scrip opened at Rs. 177.00 and has touched a high and low of Rs. 210.00 and Rs. 177.00 respectively. So far 8690 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 258.10 on 11-Jan-2022 and a 52 week low of Rs. 112.70 on 20-Aug-2021.
Last one week high and low of the scrip stood at Rs. 210.00 and Rs. 177.00 respectively. The current market cap of the company is Rs. 861.13 crore.
The promoters holding in the company stood at 53.82%, while Institutions and Non-Institutions held 9.53% and 36.64% respectively.
Arvind SmartSpaces’ (ASL) Board has approved the creation of the Rs 900 crore residential development platform with HDFC Capital Advisors as investment manager of HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3). The proposed investments from ASL and HCARE-3 will be Rs 300 crore and Rs 600 crore respectively in the platform.
The fund will be utilised for acquisition of new projects for residential developments in the cities of Ahmedabad, Bengaluru, Pune and Mumbai Metropolitan Region (MMR). ASL will set up a separate SPV (special purpose vehicle) to house the projects under this platform. The platform will create overall revenue potential of Rs 4,000-5,000 crore, excluding reinvestment potential.
Arvind SmartSpaces is engaged in to the business of Construction and Real Estate.
