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Shares of NCC jumped as much as 10 percent on Friday after the company said that it will sell and transfer its entire shareholding in a subsidiary to GRPL Housing. The buyer is part of the Gardencity Realty Group, Bengaluru.

NCC, along with other shareholders of subsidiary NCC Vizag Urban Infrastructure (NCCVUL), has entered into an agreement with GRPL Housing to sell and transfer their entire shareholding in NCCVUL to the acquirer.

“Upon completion of the aforesaid transaction in terms of the SPA (Share Purchase Agreement), the Company shall transfer its entire shareholding in NCCVUL and NCCVUL will cease to be a subsidiary of the Company,” the press release said.

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The total consideration that is payable to NCC is Rs 199.50 crore which will be paid in four installments.

The stock opened with a gain of about 4 percent today. At 1100 IST, the stock was up 7.3 percent at Rs 62.85 on BSE.

In the last three years, the stock has fallen around 44 percent, and is down 10 percent in the past three months.

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First Published:Apr 1, 2022 11:52 AM IST