I have started to see some very difficult to understand fact about the company, I intend to post these here.
1) Indian Railway is paying 4 Cr per acre While company recently sold 150 Acre of same parcel in total consideration of 440 Cr. Has government started paying at market rate or part of payment is not not reported by the company?
|Update on the Companyâs land at Dombivali||13 May 2013 10:32|
|Premier Ltd has informed BSE that the Company currently owns about 68 acres of land at Dombivali after monetization of 150 acres in January, 2013.
Out of the existing 63 acres of land, the Indian Railways are in the process of compulsory acquisition of about 26 acres of land for the Dedicated Freight Corridor project being implemented by it. The total amount expected to be received as compensation for such acquisition is about Rs. 100 cr.
In this connection, the Company has informed that, the Company has received the first tranche payment of Rs. 27 cr. towards such acquisition.
Updates on Agreement with Horizon Projects Pvt. Ltd
|28 Mar 201314:12|
|With reference to the earlier announcement dated January 16, 2013 regarding the development of the Companyâs 150 acre land at Dombivli, Mumbai with M/s. Horizon projects Pvt. Ltd. The Company has received Rs. 220 cr. as part consideration for this transaction and was to also receive additional consideration of built up flats aggregating to 5,00,000 sq.ft., Premier Ltd has now informed BSE that after consulting with its various stakeholders, as well as considering various economic factors including the situation in the real estate market, the Company has decided to take the balance consideration in cash rather than the 5,00,000 sq.ft. of built-up flats. This amount has been finalized at Rs. 220 cr., receivable in full on December 31, 2014. The Company holds adequate security to ensure this payment on the due date.
2) How market reacted around this announcement link