Godrej Properties shares surge 7 pc on acquisition of Wonder Space Properties

Shares of Godrej Properties Friday surged 7 per cent after the firm announced increase in its stake in Wonder Space Properties to 96 per cent from 25 per cent earlier.

The stock jumped 7.02 per cent to close at Rs 978.45 on the BSE. Intra-day, it touched Rs 988, its 52-week high.

At the National Stock Exchange, shares climbed 6.68 per cent to close at Rs 979.

In terms of volume, 2.34 lakh shares were traded on the BSE during the day, while over 26.49 lakh shares changed hands on the NSE.

In a regulatory filing on Thursday, the realty firm said it has increased its equity stake in Wonder Space Properties Pvt Ltd from 25.1 per cent to 96.03 per cent by acquiring equity shares from Shubh Properties Cooperatief U.A.

Consequent to the acquisition, Wonder Space Properties has become a subsidiary of the company with effect from April 4, it added.

Wonder Space Properties is engaged in construction and development of land in the National Capital Region.