dkishore
11-07-2008, 07:06 AM
Share price of Hindustan Construction Company or HCC has been rising steadily in the past one week as its subsidiary Lavasa Corporation is believed to be close to offering a 5% stake to Deutsche Bank for around Rs 500 crore. People familiar with the deal say it will be announced sometime later this month.
Only last week, Axis Bank had bought a 2% stake in Lavasa, which is being developed as India’s largest hill station near Pune. The Axis Bank deal was worth Rs 250 crore. According to reports, Lavasa is spread over 12,500 acres of land and is scheduled to be completed by 2021.
The first phase (Dasave) is scheduled to become operational by June 2009.
Only last week, Axis Bank had bought a 2% stake in Lavasa, which is being developed as India’s largest hill station near Pune. The Axis Bank deal was worth Rs 250 crore. According to reports, Lavasa is spread over 12,500 acres of land and is scheduled to be completed by 2021.
The first phase (Dasave) is scheduled to become operational by June 2009.