Hemisphere Properties India lists at Rs106 a share1 min read . Updated: 22 Oct 2020, 10:22 AM IST
- In February, Hemisphere Properties India Ltd in its board meeting held approved allotment and issue of shares to the shareholders of Tata Communication on 18 September, 2019, in the ratio of 1:1
Shares of Hemisphere Properties India Ltd made stock exchange debut at Rs106 apiece on Thursday. Soon after listing, the stock hit 5% lower circuit at Rs100.70 on the BSE. The stock is categorised into T group. T group stocks are not allowed for intraday trading. Hemisphere Properties India is a special purpose vehicle and custodian of land that used to be owned by VSNL (currently known as Tata Communications Limited).
Hemisphere Properties India Ltd was formed as part of the disinvestment exercise carried out by the government of India with respect to its holdings in VSNL. In 2002, the government of India divested 25% of its shareholding in the equity share capital of VSNL, wherein terms of the bid for disinvestment required a separate value to be ascribed to lands to be retained with VSNL and to exclude the value of certain surplus lands held by VSNL.
“Panatone was the successful bidder in the disinvestment process and subsequently, entered into the VSNL SPA and the VSNL SHA. In terms of the disinvestment bid, the VSNL SHA and VSNL SPA, the surplus lands identified were required to be hived off or demerged into a separate entity. We currently own or have access to 739.69 acres of land, transferred to our company in terms of the scheme of arrangement," Hemisphere Properties India Ltd said in its company website.
In February, Hemisphere Properties India Ltd in its board meeting held approved allotment and issue of shares to the shareholders of Tata Communication on 18 September, 2019, in the ratio of 1:1.
“This is to inform you that the company has received intimation from Hemisphere Properties India Limited that pursuant to the scheme of arrangement and reconstruction among Tata Communications Limited and HPIL and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, for demerger of surplus land HPIL at its Board Meeting held on February 18, 2020, has approved allotment and issue of shares to the shareholders of the company as on record date (September 18, 2019) as defined in the Scheme, in the ratio of 1:1," Tata Communications said in an exchange filing.
Business activities of Hemisphere Properties India Ltd is to acquire construct, hold, manage, develop, preserve and to deal in any other manner with the properties, including sale and purchase.