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Hemisphere Properties gains over 54% in five days

Capital Market 

Hemisphere Properties India added 5.81% to Rs 138.65, extending gains to the fifth consecutive session.

The stock has surged 54.23% in five sessions from its recent closing low of Rs 89.90 recorded on 6 January 2021.

On 22 October 2020, the scrip made its debut on the bourses at a price of Rs 106 per share. On the same day, the stock tumbled and ended 5% lower at Rs 100.7. The stock has climbed 37.69% since then to currently trade at Rs 138.65 each.

Hemisphere Properties India (HPIL) was formed as part of the disinvestment exercise carried out by the Government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications).

The board of directors of HPIL, at its meeting held on 18 February 2020, had approved allotment of 1 HPIL share for every share of the Tata Communications.

In 2002, the Government of India conducted a disinvestment exercise in respect of 25% of its shareholding in the equity share capital of VSNL, wherein in terms of the bid for the disinvestment required a separate value to be ascribed to lands to be retained with VSNL and to exclude the value of certain surplus lands, held by VSNL. Panatone Finvest (a Tata group company) was the successful bidder in the disinvestment process and subsequently, entered into the VSNL SPA and the VSNL SHA. In terms of the disinvestment bid, the VSNL SHA and VSNL SPA, the surplus lands identified were required to be hived off or demerged into a separate entity.

The main business of HPIL is to acquire construct, hold, manage, develop, preserve and to deal in any other manner with the properties including sale and purchase thereof. It currently owns/has access to 739.69 acres of land, transferred to it in terms of the scheme of arrangement. The surplus land has been transferred as a part of the overall scheme of disinvestment of the erstwhile VSNL. Upon completion of the transfer, the company will seek to develop and/or transfer the surplus land in accordance with the policies of the Ministry of Housing and Urban Affairs and its management.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 13:02 IST