NBCC (India) Ltd. and Mahanagar Telephone Nigam Ltd. have signed a memorandum of understanding on Wednesday for a Rs 1,600 crore project that involves development of a land parcel of MTNL in New Delhi, according to an exchange filing.
The project on Pankha Road aims to convert the land, measuring approximately around 13.9 acres, into a state-of-the-art residential or commercial area using the expertise and resources of both companies, it said.
Earlier, NBCC sold 100% of its office space worth Rs 13,408.7 crore at the World Trade Centre at Nauroji Nagar, New Delhi. The aggregate value of office and commercial space sold by NBCC through the e-auction was Rs 14,800 crore.
NBCC has also set Oct. 7 as the record date to determine the shareholders eligible for the bonus shares. It will transfer the bonus shares to the accounts of eligible shareholders within two months from the date of the board's approval.
Shares of NBCC closed 2.6% lower at Rs 175.75 apiece on the BSE, compared to a 0.49% fall in the benchmark Sensex.
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