PVP Ventures touches roof on executing JDA with Brigade Enterprises
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PVP Ventures is locked its upper circuit limit at Rs. 25.01, up by 1.19 points or 5.00% from its previous closing of Rs. 23.82 on the BSE.
The scrip opened at Rs. 25.01 and has touched a high and low of Rs. 25.01 and Rs. 25.01 respectively. So far 72064 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 26.00 on 21-Feb-2024 and a 52 week low of Rs. 5.93 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 26.00 and Rs. 21.11 respectively. The current market cap of the company is Rs. 651.27 crore.
The promoters holding in the company stood at 61.40%, while Institutions and Non-Institutions held 1.11% and 37.49% respectively.
PVP Ventures (PVP) has executed a Joint Development Agreement (JDA) with Brigade Enterprises for a residential project in the heart of Chennai. With this, PVP has fast-tracked the monetization of its prized land asset in the Chennai region. This development is expected to be amongst the largest residential projects in central Chennai. The project will encompass over 2.5 million square feet of residential inventory reflecting Brigade’s design excellence and construction standards.
As per the terms of the JDA, PVP Ventures will not incur any costs towards the development and is contracted to receive a 40 percent share of the revenue emanating from the entire sales of the project. The company expects its share of cash flows from this project to be in excess of Rs 1000 crore over a 5-year time frame.
PVP Ventures is currently engaged in different business activities. The company is engaged in the business of planning and evaluating all steps, processes and techniques for setting up, managing, operating, and transferring various types of infrastructure projects.
