KEC International announced that the company has entered into an agreement for sale of its freehold land admeasuring more than 7.3 acres at the rate of Rs 290 million per acre with Ardent Properties, a 100% subsidiary of Tata Housing Development Company.

The land is located at Pokhran Road No. 2, Village, Majiwade Taluka and District Thane in the State of Maharashtra. The company expect to complete all the formalities in a period of about 3 months.

Shares of the company gained Rs 1.4, or 2.07%, to trade at Rs 69.10. The total volume of shares traded was 201,768 at the BSE (11.35 a.m., Tuesday).