Board to Mull Bonus Shares & Dividend: Real Estate Developer Launches One More Residential Project at Premium Location of Andheri West to Generate Revenue of Rs 600 Million
The stock gave multibagger returns of 230 per cent in just 1 year, 600 per cent in 2 years and a whopping 6,900 per cent in 5 years.
On Wednesday, shares of Meghna Infracon Infrastructure Limited (Formerly known as Naysaa Securities Limited) surged 2.3 per cent to Rs 967.75 per share from its previous closing of Rs 946.30 per share.
Meghna Infracon Infrastructure Limited (MIIL GROUP), a rising entity in the real estate sector, is thrilled to announce the launch and Bhoomi Poojan of its new residential venture, "Shree Pranam," situated in the prime locale of Model Town, Lokhandwala, Andheri (West), Mumbai, on May 31, 2025. This project signifies MIIL's strategic expansion into the premium luxury real estate market of Mumbai, capitalising on a coveted location known for its excellent connectivity to essential amenities such as schools, colleges, hospitals, the airport, the railway station and various entertainment options.
Further to their press release dated August 23, 2024, concerning the signing of a Development Agreement for the redevelopment of this very project, the company wishes to inform its shareholders of a significant increase in the project's estimated sales potential. Due to recent modifications in government policy, the initially projected sale value of Rs 400 million has now been revised upwards to over Rs 600 million, promising enhanced revenue generation for the MIIL GROUP.
Commenting on the development, Mr Vikram Jayantilal Lodha, Managing Director of MIIL Group, said, “The launch of 'Shree Pranam' marks stepping a significant milestone in our journey towards becoming the preferred luxurious real estate developers in Mumbai. The construction work at the site has commenced and shall be executed as per the scheduled timelines. With the launch of “Shree Pranam” we introduced an innovative community living concept offering residences in 1 and 2 BHK along located at the prime area of Model Town, Lokhandwala, Andheri (west), Mumbai.”
Additionally, the company has announced that its Board of Directors will convene on May 21, 2025, to review and approve the audited standalone and consolidated financial results for the quarter and fiscal year ending March 31, 2025, alongside the Statutory Auditors' report. The agenda also includes the consideration of a proposal for issuing fully paid bonus equity shares to the company's existing shareholders, the consideration and declaration of a dividend for the financial year 2024-25, and the consideration and approval of the notice for an upcoming Extra-Ordinary General Meeting.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, download the service details here.
About Meghna Infracon Infrastructure Limited
Meghna Infracon Infrastructure Limited (Script Code-538668) is headquartered in Mumbai, with having business of real estate development. MIIL Group has delivered multiple Residential projects in Mumbai and is recognised for its superior quality construction and timely project delivery. The Company has extensive experience in construction management and has inherent skills and resources to develop and deliver Real estate projects.
The company has a market cap of over Rs 1,000 crore and working capital requirements have reduced from 229 days to 91.7 days. The shares of the company have an ROE of 27 per cent and an ROCE of 21 per cent. The stock gave multibagger returns of 230 per cent in just 1 year, 600 per cent in 2 years and a whopping 6,900 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.