Future Market Networks will acquire land parcels situated at Khumari, Kalmeshwar, Nagpur to set up a warehouse of 1 million square feet facility. The company shall set up and manage the warehouse facility through a 100% subsidiary as a Special Purpose Vehicle (SPV) company.
For this purpose the Company acquired Gati Realtors which is currently have a share capital of Rs 1 lakh. The Company shall infuse an amount up to Rs 110 million by way of equity capital in the SPV initially.
Total volume of shares traded on the bourses today was lower by 96.69% to 1,666 compared with 22-day average volume of 50,396.
Shares of the company gained Rs 1.7, or 2.46%, to trade at Rs 70.70. The total volume of shares traded was 404 at the BSE (10.52 a.m., Wednesday).