Parsvnath Developers, a leading real estate and infrastructure developer, said Thursday the company has entered into a transaction with Supertech to transfer development rights. As per the transaction, the company has transferred the development rights in the township project at Sohna Road, Gurgaon (Project).

The company has also transferred its shareholding in Honey Builders, with whom the company has held joint development rights in the said project, to Supertech.

Recently on Jun. 25, 2014, the company has given its clarification on plans to divest land parcels worth Rs 10 billion to raise funds. ''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.''

Shares of the company gained Rs 0.7, or 3.08%, to trade at Rs 23.45. The total volume of shares traded was 47,942 at the BSE (11.54 a.m., Thursday).