Signatureglobal (India) jumps on getting nod to execute SPA to acquire 100% stake in Gurugram Commercity
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Signatureglobal (India) is currently trading at Rs. 704.95, up by 13.20 points or 1.91% from its previous closing of Rs. 691.75 on the BSE.
The scrip opened at Rs. 698.95 and has touched a high and low of Rs. 707.05 and Rs. 692.05 respectively. So far 3812 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 707.05 on 13-Nov-2023 and a 52 week low of Rs. 444.10 on 27-Sep-2023.
Last one week high and low of the scrip stood at Rs. 707.05 and Rs. 616.00 respectively. The current market cap of the company is Rs. 9835.75 crore.
The promoters holding in the company stood at 69.63%, while Institutions and Non-Institutions held 11.33% and 19.05% respectively.
Signatureglobal (India) has received approval to execute a Share Purchase Agreement (SPA) with the existing shareholders of Gurugram Commercity (GCPL) to acquire 100% equity share capital of GCPL, which owns / will own prior to the completion of the acquisition, land parcels admeasuring 25.14 acres, situated at Village Fazilpur Jharsa, Sector-71, Gurugram, Haryana (one of the most rapidly developing cities of the Delhi NCR), with a development potential of approximately 5.49 million square feet.
The closing of the transaction is expected to take place over the coming 6-9 months post completion of certain conditions precedent which have been agreed between the existing shareholders and the company. The acquisition of the shares in GCPL is in line with the Company's main business activity which is construction and development of real estate projects in Gurugram and neighboring areas of Haryana.
The acquisition of GCPL will result in the Company owning around 25.14 acres of land parcel in the prime location of sector-71, Gurugram, Haryana, with a development potential of approximately 5.49 million square feet. The company proposed to do a mixed use development over this land parcel comprising of housing and commercial product categories. Therefore, the real estate assets' portfolio of the Company will increase, which will provide higher value proposition to all its stakeholders.
Signatureglobal (India) is a real estate development company. The company operates in the National Capital Region of Delhi (Delhi NCR). The company strategically focused on the Affordable Housing segment and the Middle Income Housing segment through GoI and state government policies.
