Shares of Kansai Nerolac hit a 52-week high of Rs 357.30 on 27 December after the company announced receiving approval for selling an idle land parcel in Mumbai that has not been utilised for productive purposes.

In its regulatory filing, the company said that the Board of Directors had approved the proposal for entering into an agreement of sale with the subsidiary of Runwal Developers, Aethon Developers, for selling a land parcel in Lower Parel, Mumbai, for a total consideration of Rs 726 crore.

The company said, “The company has entered into an agreement for sale with the purchaser. The sale is subject to completion of procedures and approvals as may be necessary in this regard.”

Earlier in July 2023, the company had sold its land parcel in Thane to the Hiranandani Group for a total sale value of ₹ 671 crore.

The company has entered into a deed of conveyance for the sale of a total area of 97,090 square metres, along with the transfer of rights in land measuring 6,300 square metres at Kavesar, Thane, to Shoden Developers Pvt Ltd, which is a group company of Hiranandani.

At 1:27 pm, the shares of Kansai Nerolac were trading 4.60% higher at Rs 340.20 on NSE.