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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (78)	2/7/2000 4:07:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

ICICI sells city realty to BPCL for Rs 27 cr Gurbir Singh - ET MUMBAI 7 FEBRUARY ICICI has sold its office building 'Shanti' in Mumbai's prestigious business district of Ballard Estate to Bharat Petroleum Corporation (BPCL) for Rs 27 crore. The Housing Development Finance Corporation (HDFC) has, meanwhile, valued ICICI's former corporate headquarters at Backbay Reclamation at Rs 68 crore at the instance of the Securities and Exchange Board of India (SEBI). SEBI has been negotiating the purchase of the property for sometime now, and the deal is likely to go through soon. Both ICICI and BPCL spokespersons confirmed the completion of sale of the Ballard Estate property and handing over of the premises to BPCL. S Chatterjee of BPCL said the company had acquired 34,000 sq ft of commercial space in the deal, which works out to a per sq ft rate of around Rs 8,000. He however said the property was valued as a consolidated acquisition and not on a per-square-foot basis. This included the freshly done interiors of an entire floor as well as air-conditioning. While ICICI is in the process of consolidating its operations at the new corporate headquarters in the Bandra-Kurla complex, BPCL has been in the market for some time to acquire additional space in the vicinity of its Ballard Estate corporate centre. BPCL recently gave up its lease of another Ballard Estate office centre at Udyog Bhavan. Several marketing offices situated at the company?s Chembur refinery in north-eastern Mumbai may now be shifted to the ?Shanti? building, said Mr Chatterjee. Industry sources said ICICI simultaneously picked up a large property from Stanrose Mills at Prabhadevi for a consideration of Rs 30 crore. The strategy seems to be to book profits for its saleable properties before the end of the financial year (March 31), while setting off capital gains by way of simultaneous purchase of good marketable properties. With SEBI having cleared its purchase, the sale of ICICI's old headquarters at south Mumbai's Backbay Reclamation is likely to go through in the next few weeks. HDFC, commissioned to value the property for SEBI, has reportedly put a price tag of Rs 68 crore. This works out to a rate of around Rs 13,500 per sq ft for the 50,000 sq ft office complex. ICICI's old HQ has been in the market for sometime now with the organisation unable to realise the expected value of Rs 80 crore. The A V Birla group, which was also in the race for the property, had reportedly offered Rs 50 crore.