Standard Industries increases stake in Duville Estates

The company's board approved investing surplus funds to increase its stake in real estate developer Duville Estates to 9.64 per cent. The shares were purchased at Rs. 83 per equity share.

The Board of Directors of Standard Industries approved the purchase of 7,23,857 equity shares of /- each of Duville Estates Pvt. Limited from Stanrose Mafatlal Investments and Finance Limited. The face value of the share is Rs. 10 each and were purchased at Rs. 83 per equity share.

The total investment of Standard Industries in Duville Estates is now 14,47,714 equity shares, which is 9.64 per cent of the paid-up share capital of the company.

Duville Estates is a privately held real estate development company, owned by Behram Dubash. The company is developing three housing projects, comprising 1,150 units along the banks of the Mula Mutha River at Kharadi, Pune.

Meanwhile, on Thursday at 14:59 hours, the stock of Standard Industries was quoting Rs. 13.63 per share, up by 2.87 per cent, while the stock of Stanrose Mafatlal Investments was at Rs. 98.25 per share, up by 2.88 per cent.