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CL Educate stock hits 5% upper circuit after announcing the sale of third land parcel this year

The company has shared that a couple of more real estate parcels are targeted for sale in the next 3-4 quarters.

November 30, 2021 2:50 IST | India Infoline News Service
CL Educate stock freezes at the upper circuit on Tuesday after the company announced the sale of the third plot of land this year.

The company, as a strategic decision, has been in the process of exiting asset-heavy businesses over the last few years. As a part of this decision, the organization has been looking to convert its real estate bank (subject to necessary approvals, where required), which has a value of Rs65-70cr, into cash for redeployment in its core business.

In October, CL Educate shared an update on two transactions having been concluded, a plot in Faridabad for Rs7.25cr and another in Amritsar for Rs2.3cr, the latter held through a subsidiary.

On Monday, CL Educate added that a third plot, held in one of its wholly-owned subsidiaries, also incidentally in Faridabad, had been sold for Rs3.24cr.

The company has shared that a couple of more real estate parcels are targeted for sale in the next 3-4 quarters.

At around 2.49 pm, CL Educate traded at the upper circuit of Rs123.50 per piece up 4.97% on Sensex. 

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