Mahindra Gesco declares dividend

Mumbai, Apr 25 (UNI) The board of directors of Mahindra Gesco Developers Ltd at its meeting held today recommended dividend at 13.10 per cent on 5,500,000 non-cumulative redeemable preference shares of Rs 100 each and at 10.50 per cent on 1,000,000 non-cumulative redeemable preference shares of Rs 100 each.

The board has also recommended a dividend at 10 per cent on 31,028,350 equity shares of Rs 10 each, the company informed the Bombay Stock Exchange (BSE) today.

The company said that the total area under development for the year comprising own projects, joint venture products as well as projects under management agreements exceeding two million sq ft.

New residential projects aggregating approximately 800,000 sq ft were launched in Chennai and Mumbai, stated the company, adding that it is planning to launch several more residential projects at Mumbai, Pimpri and Faridabad aggregating over 1.5 million sq.ft.

Construction of these projects will begin no sooner the requisite approvals are received from the concerned authorities, stated the company.

The company's subsidiary, Mahindra World City Developers Ltd, Chennai, has virtually sold the industrial park portion in the SEZ aggregating 1,400 acres with only development of the housing and social infrastructure in the SEZ of around 300 acres remaining.

The company further informed that a residential project of 22 acres in the SEZ has been initiated by it in its capacity as a co-developer and that this is its first residential project in the city.

Mahindra Gesco also proposes to invest in two new subsidiaries, Mahindra World City (Jaipur) Ltd and Mahindra World City (Maharashtra) Ltd, which will undertake two new SEZs of 3,000 acres each in partnership with the governments of Rajasthan and Maharashtra for development of multi-product SEZs near Jaipur and Lonavala.

MoUs have already been signed with the respective state governments, stated the company, adding that these projects are expected to contribute significantly to its performance in the future.

The company is planning to scale up activities to exploit the buoyancy in the real estate sector and proposes to add new locations to its portfolio. Recently, Mahindra Gesco has acquired land at Nasik and is reviewing its option for some other locations, it informed the BSE.

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