Bayer Crop shares surge by 6% on Maharashtra property sale

Bayer Crops

Shares of agro-chemical firm Bayer CropScience today jumped 6 per cent after the company sold its property at Thane in Maharashtra for Rs 1,250 crore to Agile Real Estate.

After surging over 6 per cent during the day, shares of the company finally settled at Rs 1,294, up 5.91 per cent on the BSE. On NSE, the stock closed the day at Rs 1,293, up 6.03 per cent from its previous close.

In March 2011, Bayer CropScience had entered into a binding agreement with Agile Real Estate for the proposed sale of land and building. It had received Rs 520 crore from Agile as earnest money and advance for this exclusive deal.

Bayer CropScience yesterday said that both the partners "have accepted a sum of Rs 1,250 crore to be the full and final aggregate consideration for the sale and transfer of the said property in favour of Agile".

In the broader market, the BSE benchmark Sensex ended at 19,339.90, up 168.99 points.

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