Bombay Dyeing share price, Bombay Burmah hit 52-week high; here's why Wadia Group stocks are surging today
₹5,200 crore. Bombay Dyeing share price opened at ₹164.80 apiece on BSE.
Bombay Dyeing shares touched 52-week high at ₹168.50. Another Wadia Group stock, Bombay Burmah share price touched 52-week high, and up nearly 8%.
According to a statement issued to the bourses by Bombay Dyeing, Sumitomo's subsidiary Goisu Realty Private Ltd would pay for the acquisition in two parts, with ₹4,675 crore initially and ₹525 crore subsequently after the fulfilment of certain requirements. The company in an exchange filing said that the sale was approved by the Bombay Dyeing board on Wednesday.
Shareholders will still need to approve the transaction. Nusli Wadia, Chairman, in an exchange filing said,“I am happy to inform that Bombay Dyeing and Manufacturing Company is entering into agreements with Sumitomo group for sale of about 22 acres of land (along with the associated FSI) in Worli, Mumbai for a total consideration of about ₹5,200 crores.
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