Shares of Bombay Dyeing and Manufacturing Company hit a 20% upper circuit and reached a new 52-week high of Rs 168.60 per share on 14 September after the company decided to sell a land parcel of 22 acres.

During the company’s latest board meeting, the company’s Board of Directors approved the proposal for selling a land parcel of about 22 acres in Worli, Mumbai, to Goisu Realty for a total value of around Rs 5,200 crore.

Goisu Realty is a subsidiary of Sumitomo Realty and Development, a Japanese real estate firm.

The said land parcel is to be sold in two phases and is subject to shareholder approval.

The company will receive Rs 4,675 crore from the realty firm upon completion of the first phase and Rs 525 crore upon the completion of certain conditions and execution of the second phase.

Bombay Dyeing and Manufacturing Company is the flagship company of Wadia Group.

The company will receive Rs 4,300 crore pre-tax through this sale transaction along with a strong positive net worth and will clear all its debts.

In its quarterly report for the April-June quarter, the company reported its revenue from operations at Rs 1,050 crore.

At 3:30 pm, the shares of Bombay Dyeing closed at Rs 153.40 or 9.18% above its previous close on NSE.