Property Sale Strategy of Maharaja Shree Umaid Mills
Maharaja Shree Umaid Mills is strategically positioning itself to divest a valuable property asset located in downtown Jaipur. The property, spanning approximately 22,000 square yards and currently housing the company's registered office, is expected to generate around Rs 200 crore from the transaction.
Transaction Details and Leadership Perspective
Mr. L. N. Bangur, the Chairman and Managing Director of the company, maintained a cautious stance regarding the transaction. He emphasized that official disclosures would only be made after the complete consideration is received.
Corporate Relocation Plans
Key developments in the company's strategic roadmap include:
- Obtaining necessary approvals for relocating headquarters to Kolkata
- Potential formal announcement of the decision in the upcoming board meeting
- Pending resolution of legal disputes related to another property in Kota
Market Performance Insights
The company's stock performance reflects the ongoing developments:
- Monday's closing price: Rs 122
- One-day stock decline: Over 3.17%
- Week-to-date performance: Approximately 11% gain
Additional Property Considerations
The company's Kota property, previously hosting a spinning unit, remains encumbered by legal complications. The Supreme Court is currently hearing a case related to this land, which might temporarily restrict its potential for real estate development or sale.