Omaxe arm to develop township in Allahabad

Construction firm Omaxe today said its subsidiary has entered into an agreement with Allahabad Development Authority for the development of a township in Allahabad.     

Pancham Realcon has has entered into a memorandum of understanding (MoU) for the development of township in Allahabad on a proposed area of 1,535.12 acres, Omaxe said in a filing to the Bombay Stock Exchange (BSE).     

However, the company has not disclosed the financial details of the township project.     

Shares of Omaxe were trading at Rs 74.55 on the BSE, down 6.40 per cent from previous close.