Peninsula Land Surges 8% On Plans To Cut Debt

Business

oi-Sunil Fernandes

Shares in Peninsula Land surged 8 per cent on reports that the company plans to bring down its debt to Rs 1,000 crores by monetizing land banks.

By Sunil Fernandes

Published: Monday, December 5, 2016, 10:34 [IST]

Shares in Peninsula Land surged 8 per cent on reports that the company plans to bring down its debt to Rs 1,000 crores by monetizing land banks.

The stock price jumped was last trading Rs 15.55, up almost 8 per cent in trade. The Mint reported that the Ashok Piramal Group company plans to use most of the sale proceeds to bring its debt down to around Rs1,000 crore from Rs1,739 crore in June.

Peninsula Land is among the top developers in the country with projects in places like Mumbai, Bengaluru and Pune. However, Mumbai forms a bulk of the company's volumes and revenues.

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