Poddar Housing soars 5% after incorporation of two new subsidiaries

The company acquires Poddar Buildcon and Poddar Buildtech belonging to Construction and Real Estate industry.

Jul 22, 2021 10:07 IST India Infoline News Service

Poddar Housing and Development Limited has incorporated two new wholly-owned subsidiaries companies named Poddar Buildcon Private Limited and Poddar Buildtech Private Limited.

The company stock hit a day's high of Rs231.15 per piece early on Thursday. At around 10.48 AM, Poddar Housing & Development Ltd was trading at Rs231.15 per piece up by Rs10.95 or 4.97% from its previous closing of Rs220.20 per piece on the BSE.

“Poddar Buildtech Private Limited is promoted by Poddar Housing and Development Limited and is a newly incorporated Company. Being a Related Party Transaction, the requisite approval of Board of Directors of Poddar Housing and Development Limited for initial subscription in Poddar Buildtech has been taken,” the company said in a filing on Wednesday.

The company paid an amount of Rs1 lakh towards subscribing to 10,000 equity shares at face value of Rs10/- each in Poddar Buildtech.
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“Poddar Buildcon Private Limited is promoted by Poddar Housing and Development Limited and is a newly incorporated Company. Being a Related Party Transaction, the requisite approval of the Board of Directors of Poddar Housing and Development Limited for initial subscription in Poddar Buildcon has been taken,” company said.

The company paid amount of Rs1 lakh towards subscribing to 10,000 equity shares at face value of Rs10/- each in Poddar Buildcon.

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