Peninsula Land surges 12% on acquisition of 3 real estate firms

Peninsula Land shares rallied 12 percent intraday Friday after the company signed agreement to acquire three firms which cater to real estate and construction segment. The Mumbai-based real estate company said it entered into a Securities Purchase Agreement to acquire 86 percent of the equity shares of Rockfirst Real Estate Limited thereby making it a wholly-owned subsidiary. Company also through its wholly-owned subsidiary Peninsula Holding and Investment Private Limited (PHIPL) decided to acquire 86 percent equity shares of Goodhome Realty Limited and Truewin Realty Limited thereby making them step-down wholly-owned subsidiaries.