Textile major Bombay Dyeing is considering demerging its real estate business into a separate company, according to sources.The hiveoff will be followed by an initial public offering.Company officials refused to comment, saying Ness Wadia alone can speak on this.Wadia could not be contacted as he is in the thick of the IPL cricket extravaganza.
The Street, nevertheless, is betting on the move.Analysts said a spin-off helps Bombay Dyeing get better valuations.They expect concrete plans to be announced by August.
The development plans for the textile major’s Worli and Dadar properties are huge: about 10 million square feet for IT parks, retail hubs, commercial and residential projects, hotels and serviced apartments.The capex involved will run into hundreds of crores.The company has already begun sales of residential projects valued at around Rs 500 crore.
Sources said Bombay Dyeing plans to sell only 0.4 million sq ft, of its residential development at Dadar, and commercially lease the remaining 3.9 million sq ft including at Worli.
No comments:
Post a Comment