Forbes -; Co. completes disposal of land at Chandivali; stock surges ~7%

8 Jun 2022 , 02:02 PM

Forbes & Company Limited has informed the investors and exchanges that it has completed the transaction for the sale of land situated in Chandivali.

Forbes has disposed off 15,394.50 square meters of land at Chandivali to Equinix India Private Limited (Equinix) for consideration of Rs235 crore after deduction of applicable Tax at Source.

The company has previously informed the sale of such land via its letter dated March 24, 2022.

Post this development, Forbes’ share was trading 7.25% higher at Rs394.95 against its previous close of Rs368.25 on BSE. The counter touched today’s high and low of Rs420 and Rs365 so far.

However, the stock is currently trading about 94% lower than its 52-week high of Rs6,774. During February 2022, the scrip fell dramatically leaving investors muddled.