Future Market Networks has rallied 20% to Rs 27.30, bouncing back 24% from the intra-day low of Rs 22 on the BSE, after the company announced an acquisition of a company which owns a shopping mall cum entertainment centre at Indore.
“The company entered into a share purchase agreement with Treasure Management Malls Private Limited to acquire 100% equity share capital of Naman Mall Management Co Pvt Ltd (Naman), a company which owns a shopping mall cum entertainment centre at Indore with a total leasable area of 18761.78 sq. Mts.,” Future Market Networks said in a release.
Naman had taken secured credit facility from Punjab National Bank (PNB) by mortgaging the shopping mall cum entertainment centre and outstanding liability to PNB is ascertained at approximately Rs 72.80 crore.
Naman defaulted in repayment of the said credit facilities to PNB and accordingly the said credit facility is classified as Non-Performing Asset in the records of PNB.
PNB has issued its no objection to Naman for the change in shareholding in favour of the company, it added.
At 02:19 PM, the stock was up 19% at Rs 27.10 on the BSE. A combined 593,840 equity shares changed hands on the counter on the BSE and NSE.
Source: Business-Standard