DIC India has entered into agreement with Godrej Properties on Feb 27 to sell a property in Mumbai for a consideration of Rs 1.53 billion.

The company said, ''The deal is worth up to Rs 1.53 billion which will be paid in three tranches.''

However, the completion of deal is subject to statutory approval from various authorities.

Pirojsha Godrej, Executive Chairman, Godrej Properties said, ''We are happy to add this new project in Chandivali, which fits well with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents.''

Shares of Godrej Properties declined Rs 23.9, or 2.3%, to settle at Rs 1,015.10. The total volume of shares traded was 37,660 at the BSE (Friday).

Shares of DIC India gained Rs 44.05, or 12.41%, to settle at Rs 399.00. The total volume of shares traded was 20,989 at the BSE (Friday).