Hindustan Fluorocarbons announced that its board has approved sale of 20 acres of unused land to Central Institute of Plastics and Engineering Technology (CIPET) at the rate of Rs 3.5 million per acre.

CIPET is an autonomous body under the Ministry of Fertilizers and chemicals.

The company is planning to execute the sale deeds at the earliest.

Shares of the company gained Rs 0.36, or 4.9%, to trade at Rs 7.71. The total volume of shares traded was 2,211 at the BSE (1.31 p.m., Friday).