Mahindra Lifespace Developers surges on entering into agreement with Actis
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Mahindra Lifespace Developers is currently trading at Rs. 481.00, up by 8.45 points or 1.79% from its previous closing of Rs. 472.55 on the BSE.
The scrip opened at Rs. 468.60 and has touched a high and low of Rs. 481.75 and Rs. 468.60 respectively. So far 3891 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 554.55 on 13-Sep-2022 and a 52 week low of Rs. 218.65 on 27-Dec-2021.
Last one week high and low of the scrip stood at Rs. 484.05 and Rs. 448.55 respectively. The current market cap of the company is Rs. 7304.48 crore.
The promoters holding in the company stood at 51.33%, while Institutions and Non-Institutions held 29.52% and 19.15% respectively.
Mahindra Lifespace Developers has entered into an agreement with Actis, a leading global investor in sustainable infrastructure, to establish a Joint Venture Platform for developing industrial and logistics real estate facilities across India. Up to 100 acres of land with ready infrastructure in the two Mahindra World Cities, offering a built-up potential of over two million square feet, has been earmarked as seed sites to be acquired and developed by the Joint Venture Platform over time, subject to requisite approvals. The Joint Venture will also simultaneously acquire and develop other greenfield and brownfield sites in key markets across India, aiming to become a leading real estate solutions provider to global and local corporations.
The total investment in the business over the initial years, including debt, is estimated to be Rs 2,200 crore. Actis will own a majority stake, and Mahindra Lifespaces will have a significant minority. Industrial and warehousing have emerged as a high-growth real estate asset class buoyed by rising consumer demand and accelerating manufacturing investment. The National Logistics Policy announced recently by the Prime Minister is expected to give a further fillip to investments in the sector.
Mahindra Lifespace Developers is the real estate and infrastructure development company and a pioneer of sustainable urbanization in India.
