Parsvnath Developers sell 24.5 pc stake in an upcoming project for Rs 120 crore

Delhi-based realty firm Parsvnath Developers (PDL) is selling a 24.5% stake for Rs 120 crore in its upcoming office complex project in the city centre to Red Fort Capital, reports CNBC-TV18 quoting VC Circle.

The PE firm is taking the stake in 'Red Fort Parsvnath Towers', a state of the art office complex coming up in New Delhi's Connaught Place.

Parsvnath has already executed a concession agreement with Delhi Metro Rail Corporation (DMRC) to deliver the project on built, operate and transfer (BOT) basis for Rs 99.5 crore. This concession has been assigned to Farhat Developers Pvt Ltd where Red Fort is picking up the stake. Larsen & Toubro (L&T) is likely to construct the project on a turnkey basis and has already been given a letter of intent.

'Red Fort Parsvnath Towers' is expected to be a grade A commercial complex located on a five-acre land, next to the Metropolitan Hotel. It will have 3000,000 sq. ft. of leaseable area with 800 basement parking space.

Red Fort last year invested in a residential project of Parsvnath in New Delhi. The developer raised a total of Rs 115 crore from Red Fort for 22% stake in ‘Parsvnath La Tropicana’, a group housing project of the company in north Delhi.


BSE: 532780 NSE: PARSVNATH
Parsvnath Developers with market capital of Rs 2861 crore
has a networth of Rs 2271 crore and borrowing of Rs 1584 crore
having a book value per share of Rs 55.84 and CMP of Rs 65.75
trading at P/BV of  1.18 PE of 21.35

for 2009-10
Turnover Rs 818 crore
OPBIDT Rs 233 crore
Interest Rs 79 crore
Depreciation Rs 21 crore
Income Tax Rs 35 crore
Net profit Rs 134 crore