Shares of Kalpataru Power Transmission (KPTL), on Thursday slipped over 6% after board of the company approved capital expenditure of approximately Rs 2,070 million purchase of land parcel.

The board of directors of the company at its meeting held on Dec. 8, 2020 has approved capital expenditure of approximately Rs 2,070 million towards purchase of land and will further incur approximately Rs 1,700 million towards construction, municipal charges, taxes and for other approvals for development & construction of corporate office of about 1, 79,000 sq. ft. of leasable area near its existing office at Santacruz, Mumbai.

The total cost per sq. ft. would be in the range of approximately Rs 21,000, which is much lower than the current market price. The construction of corporate office will help the company to reduce rental costs, bring better efficiency and synergy of working together at a single location.

The company is expecting to complete the construction within a period of 24-30 months.

Shares of Kalpataru Power Transmission are trading at Rs 304.75, down Rs 21, or 6.45% at the Bombay Stock Exchange (BSE) on Thursday at 12 noon.

The scrip has touched an intra-day high of Rs 326.50 and low of Rs 301.60. The total volume of shares traded at the BSE is 67,111.In the earlier session, the shares declined 8.27%, or Rs 29.35, at Rs 325.75.

Currently, the stock is trading down 35.15% from its 52-week high of Rs 475.65 and above 79.26% over the 52-week low of Rs 170.