Shares of Rashtriya Chemicals and Fertilizers (RCF) Friday jumped more than 17 per cent in morning trade on bourses after the cabinet gave nod to transfer the state-run firm's land to Mumbai Metropolitan Regional Development Authority (MMRDA).
The cabinet Wednesday gave ex-post facto approval for transfer of land of RCF to MMRDA.
Following the development, shares of the RCF Friday opened on a bullish note at Rs 78.55, then touched a high of Rs 79.85, up 17.85 per cent over its previous closing price.
Similar movement was seen on NSE as well, where the stock opened at Rs 79.25 then touched a high of Rs 79.60, up 17.23 per cent over its last close.
MMRDA had acquired 48,849.74 square metre land of RCF and completed the construction of the Eastern Free Way-AnikPanjrapol Link Road (APLR), opened for public use in 2014.
In a statement, the government said the cabinet has given ex-post facto approval for transfer of RCF's land to MMRDA and also a proposal for approval for transfer of the state-run fertiliser unit's land to Municipal Corporation of Greater Mumbai (MCGM).
The cabinet has approved selling of transferable development right (TDR) certificate received/receivable against the transfer of land to MMRDA and MCGM.
Disclaimer: No Business Standard Journalist was involved in creation of this content
