Bombay Dyeing & MG.CO.LTD's shares rose 16.73% after Board of Directors approved sale of 22 acres of land in Worli, Mumbai for Rs. 5,200 crore. Pre-tax profit expected to exceed Rs. 4,300 crore. Future growth & profitability to be focused on real estate, unlocking potential of underutilized land parcels for 3.5 million sq.ft. of properties & Rs. 15,000 crore revenue.
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The Board also gives in-principle nod to develop unutilised land parcels with potential to create about 3.5 msq of residential and commercial property and generate revenue of about Rs 15,000 crore in the next few years
M Anandan, Padma Anandan, and WestBridge Crossover Fund, LLC are promoters of the company, holding 60.84 percent stake in the company, and promoter group held another 14.03 percent stake.