Parsvnath Developers in balance sheet repair mode

Parsvnath Developers, a leading real estate developer, is planning to reduce its Rs.1,250 crores debt by selling some of its land parcels in next 15 months. 

The chairman of the company has indicated that first round of bidding for its 1.18 acre CBD land area (KG Marg) in Delhi has been completed. The company had bought this land for about Rs 200 crore in 2008. It is being rumored that THE company has received bids of up to Rs 700 crores already for this land parcel.

The stock reacted positively to the news. At the current market price of Rs. 59 the company is trading at a market valuation of Rs. 2,566 crores.

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