BOM:508906

Everest Industries Completes First Phase of Sale of Company's Land; Shares Up 8%

Everest Industries (NSE:EVERESTIND, BOM:508906) has completed the first phase of the sale of its vacant land at Podanur in the Coimbatore district of Tamil Nadu, India, according to a Saturday filing to the Indian stock exchanges.The building materials company's shares were up over 8% in late-morning trade on Monday.The company concluded the execution of a sale deed with G Square Properties under the first phase, in which the company has sold and transferred 16.84 acres of land. The remaining 6.48 acres of the land will be transferred by Nov. 4.Out of a total consideration of 1.34 billion Indian rupees, the company has received 1.01 billion rupees so far.