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Siyaram Silk Mills Board Approves Residential Housing Project in Thane; Shares Drop 5%

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Siyaram Silk Mills (NSE:SIYSIL, BOM:503811) said its board approved development of a residential housing project on leasehold land at Dombivali in Thane, Maharashtra, subject to regulatory approvals, according to a Tuesday filing on Indian bourses.

Shares of the company plunged nearly 5% in Wednesday's trade.

The estimated project cost is about 450 million Indian rupees, excluding land cost, the company said in the filing.

The project will comprise a residential building with basement plus 18 floors and around 77,400 sq. ft. of built-up area, including 68 two-BHK units and amenities, the company added.

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