Shares of Sunteck Realty Ltd climbed 2.26% to Rs 395.15 in Thursday’s morning session after the company announced plans to invest between $10 million to $20 million in its wholly-owned subsidiary, Sunteck Lifestyle International (SLIPL).
The company stated that the investment will be made in the form of equity, preference shares, convertible securities, or debt instruments, in one or more tranches. The proceeds will be used by SLIPL to make further investments in entities undertaking, either directly or indirectly, the existing Dubai project, signaling Sunteck’s continued focus on international expansion.
The stock, which closed at Rs 386.40 in the previous session, traded in a range of Rs 383.60 to Rs 395.70 in early trade today. At present, the company’s market capitalization stands at Rs 57,890 crore, with a P/E ratio of 28.79 and an average volume of 337.90K shares.
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