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| Exchange Disseminated Time | The Exchange has sought clarification from Patel Engineering Ltd with respect to news article appearing on ET Now on December 04, 2014 titled "Patel Engineering to Sell Land in Mumbai for 300 Crore"
Patel Engineering Ltd replied stating, "This is to inform you that the news item as stated above is not factual.
You are requested to note the following:
1) The Company does not own any property in Bandra Kurla Complex. The transaction in the news item refers to Terra Land Developers Ltd. (Terra), an associate of the Company having sold the development rights of a plot in Bandra Kurla Complex for Rs. 227.25 crores to retire Non-Convertible Debentures taken by them.
2) Patel Realty a subsidiary of the Company has not sold any land to Kanakia Spaces Ltd.
3) The Company does not own 16 acres residential complex at Jogeshwari neither have entered into joint development agreement as stated in the news item.
The Company intends to reduce its debts to the extent of approximate Rs. 1,000 crores by monetizing its non -core asset which was informed to the Stock Exchange vide letter dated September 9, 2014.
Further the Company has obtained Shareholders approval for sale of a piece and parcel of land admeasuring 19,888 sqmtrs at Patel Estate Road, Jogeshwari (W) , Mumbai and for disinvestment in thermal project at Nagapttinam, Tamil Nadu which was also informed to the Exchange.
As done in the past, the Company shall be prompt to inform the stock Exchange as and when the said sale is finalized and executed." |
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