Valecha Engineering touches the roof on plan to sell 3 BOT basis road assets for Rs 309 crore

30 Sep 2014

Valecha Engineering is currently trading at its upper circuit limit of Rs. 74.25, up by 6.75 points or 10.00% from its previous closing of Rs. 67.50 on the BSE.

The scrip opened at Rs. 74.25 and has touched a high and low of Rs. 74.25 and Rs. 73.00 respectively. So far 38080 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 93.90 on 06-Jun-2014 and a 52 week low of Rs. 25.05 on 08-Oct-2013.

Last one week high and low of the scrip stood at Rs. 74.25 and Rs. 59.00 respectively. The current market cap of the company is Rs. 145.01 crore.

The promoters holding in the company stood at 48.27% while Institutions and Non-Institutions held 5.54% and 46.19% respectively.

Valecha Engineering has received an approval for sale of three Build, Operate and Transfer (BOT) basis road assets located in Madhya Pradesh and Gujarat to New Generation Infrastructure, Inc., a subsidiary of New Generation Holdings, Inc, for an aggregate consideration for approximately Rs 309 crore. The board of directors at their meeting held on September 27, 2014 has approved for the same. The purchaser’s group is a global diversified infrastructure and energy developer with a diversified resource type in solar, hydro, wind, and thermal.

As a part of the proposed transaction, Valecha Infrastructure, a wholly owned subsidiary of the company has signed agreements with the purchaser and agreed to sell its shareholding in Valecha LM Toll and Valecha Badwani Sendhwa Tollways to the purchaser subject to receipt of regulatory and other third party approvals and consents including satisfaction of certain condition precedents by the parties.

Besides, the company has also entered into a separate agreement with the purchaser and agreed to sell its shareholding in Valecha Infrastructure to the purchaser upon completion of the above transaction and receipt of regulatory and third party consents and approvals including satisfaction of certain condition precedents by the parties.

Valecha Engineering is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works.

 

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