VST Industries Sells Property Worth Rs 102 Crore In Hyderabad

VST Industries Ltd. on Friday said it has sold an immovable property worth Rs 102 crore in Hyderabad to "ViNS Bioproducts Ltd. and others".

The property, admeasuring around 2.7 acres of land along with structures, was situated in the Banjara Hills locality of the Telangana capital, according to an exchange filing.

Apart from ViNS Bioproducts, the purchasing parties also includes Kushboo Mundra and Jaya Shridas Daga, the filing said.

The purchasers are third-party entities who do not belong to the promoter or promoter group and the transaction does not fall under the ambit of related party transaction.

None of the promoters, directors, key managerial persons or their kin were linked in the transaction, the company clarified.

Notably, VST Industries manufactures and sells cigarettes and unmanufactured tobacco, and has production facilities situated in Hyderabad and Toopran, which is also located in Telangana.

Earlier on Sept. 19, investor and D-Mart Founder Radhakishan Damani, a public shareholder of VST Industries, offloaded a 0.64% stake worth Rs 4.39 crore through open market transaction.

Damani, one of the largest shareholders in the company, had sold one lakh shares at Rs 439.19 apiece, according to bulk deal data on the NSE. As of June, Damani directly held a 3.47% stake in the company.

On Friday, hares of VST Industries closed 0.35% higher to Rs 314.80 apiece on the NSE, compared to 2.39% rise in the benchmark Nifty 50.

One analyst tracking the company suggests a 'sell' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 3.9%.