Oberoi Realty enters into an MoU with NRB Bearings

Today, the shares of Oberoi Realty Ltd has closed at Rs 942.90, up by 2.39% from its previous closing of Rs 920.90 on the BSE.

In order to purchase the land and buildings on it, measuring approximately 25,700 square metres (6.4 acres), located at Pokhran Road 2, Thane, Maharashtra, Oberoi Realty and NRB Bearings (NRB) had signed a Memorandum of Understanding (MoU) on May 23, 2023. Once the terms and conditions of the Memorandum of Understanding are met, the aforementioned acquisition will be finalised. The company has already paid a portion of the consideration to NRB and the remaining portion must be paid on or before the transaction’s closing.

Kingston Properties Private Limited, a Mumbai-based company incorporated under the Companies Act of 1956, served as the initial name of Oberoi Realty until May 8, 1998. Oberoi Realty Private Limited was incorporated on October 23, 2009 under a new name. Oberoi Realty Limited became the official name of the business after it was transformed into a public limited company on December 14, 2009.

Through consistent high-design and quality standards over the past three decades, the company has built growth and high-stature, which has genuinely improved the ease, comfort and efficiency of lives that interact with or occupy these spaces. Company has created more than 43 projects totaling approximately 11.89 million square feet of space at key locations throughout the Mumbai skyline (group entity including promoter group). The company also has aggressive plans for upcoming projects in various areas of Mumbai and other regions, with another 48.68 million sq. ft. in the making.

Today, the stock opened at Rs 914.45 and has touched a high and low of Rs 947.30 and Rs 914.40 respectively.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52-week high of Rs. 1088.40 on Sep15, 2022 and a 52-week low of Rs. 726.25 on Jun 20, 2022.

Last one week high and low of the scrip stood at Rs. 935.55 and Rs. 883.60 respectively. The current market cap of the company is Rs. 33,735.02 crore.

The promoters’ holding in the company stood at 67.70%, while Institutions and Non-Institutions held 29.86% and 2.43% respectively.