Bombay Dyeing gains up to 2% on receiving ₹538 crore for a land deal with a Japanese firm

In a filing to the stock exchanges, the company said that it consummated and executed the definitive agreements on August 13 with Goisu Realty Private Limited, a subsidiary of Sumitomo Realty and Development Company Limited. This is the execution of phase II of the land deal with the Japanese pharmaceutical company announced in September 2023.

The filing mentioned that Bombay Dyeing received ₹537.78 crore from Goisu Realty Private Limited for the sale of its land parcel in Worli, Mumbai.

Earlier in September 2023, the company announced that its 22-acre land parcel at Wadia International Centre in Worli would be sold to Goisu Realty Private Ltd for ₹5,200 crore.

According to the deal, the land parcel was to be sold along with the associated Floor Space Index (FSI) in two phases. In the first phase, Bombay Dyeing signed the Conveyance Deed for the sale and received ₹4,675 crore from Goisu Realty on October 16, 2023.

Bombay Dyeing reported a strong performance in the Q1FY25 financial statement announced on August 1.

The textile company’s profit-after-tax for Q1 stood at ₹15.54 crore compared to a loss of ₹119.81 crore in the same quarter of the corresponding fiscal. Its consolidated revenue from operations, however, fell over 9% to ₹450.97 crore in the June quarter of FY25 compared to ₹498.01 crore in the corresponding quarter of the preceding fiscal.

Earlier on July 18, the company informed the exchanges that it executed a share purchase, subscription, and shareholder’s Agreement (SPPSA), a power purchase agreement, and an option agreement to acquire up to a 26% equity stake in AMP Energy C&I Twenty Seven Private Limited. Bombay Dyeing added that the acquisition has been made to set up a captive solar power project in Maharashtra.

Bombay Dyeing shares closed ₹212 apiece, down 0.37%, on the NSE.