Parsvnath Developers clarified on the news item appearing in a leading financial daily titled 'Parsvnath plans to divest land parcels worth Rs 10 billion to raise funds'.

The company said, "We wish to inform you that during the interaction of our chairman with Reuters yesterday, he made a general statement that the company is planning to reduce its debts by divesting some of its non-core assets in southern and western India and concentrate on its home market in northern India."

"We further wish to submit that at present, there are no specific negotiations going on in this regard and the company may either sell the non-core assets if the assets fetch a good price or enter into joint venture arrangements, in case such assets do not fetch a reasonably good price," it said.

"Accordingly, information will be sent to stock exchange in terms of Clause 36 of the Listing Agreement as and when any actual development takes place regarding sale of assets or JV arrangements, as the case may be," it added.

"Further note that the price variation as mentioned by you is not as a result of any price sensitive information not having been disclosed to the Stock Exchanges," it said.

Shares of the company gained Rs 1.70, or 4.92%, to trade at Rs 36.25. The total volume of shares traded was 741,479 at the BSE (3.24 p.m., Wednesday).