Land sale Talk Buoys Maharaja Shree Umaid Mills

Maharaja Shree Umaid Mills is close to selling off its 22000 square yards of property in downtown Jaipur, which housed its registered office. According to market sources, property is fetching the company around Rs 200 crore. Mr L. N. Bangur, Chairman and Managing Director of the company, told that until the company received the consideration nothing could be divulged officially.

Market grapevine suggests that the payment is likely to be received shortly. The company has already got necessary approvals for shifting of headquarters to Kolkata. Mr Bangur said, “The next board meeting is likely to formally announce the decision”.

The company also has a big surplus property in Kota, which was earlier the location for one of its spinning unit, and now closed. This land, however, may not be available now for sale or development as it is subject of a legal dispute and the case is being heard in the Supreme Court. The area would also require a little time for large-scale real estate activity.

The stock finished on Monday at Rs 122, down over 3.17 %. But in terms of past one week’s movement, it still remained gainer by around 11%.

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