Sobha Developers gains on tie-up with Sun-Area Property

By Accommodation Times Bureau

Sobha Developers gained on joint venture with Sun-Area Property Partners for the development of a 100% FDI compliant residential project in Bangalore through a special purpose vehicle (SPV), Sobha Highrise Ventures.

Sun-Area Property Partners will invest approximately Rs 500 million into the SPV with an equal capital commitment by Sobha.

Shares of the company are trading at Rs 367, up Rs 9.3, or 2.60% at the Bombay Stock Exchange (BSE) on Thursday at 10:12 a.m.

The scrip has touched an intra-day high of Rs 368.50 and low of Rs 356.65. The total volume of shares traded at the BSE is 486,131.

In the earlier session, the shares fell 1.16%, or Rs 4.2, at Rs 357.70. Currently, the stock is trading down 6.85% from its 52-week high of Rs 394 and above 98.11% over the 52-week low of Rs 185.25.

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