Madhucon Projects surges on completing strategic sale of MAJEL

13 Apr 2016

Madhucon Projects is currently trading at Rs. 56.15, up by 3.05 points or 5.74% from its previous closing of Rs. 53.10 on the BSE.

The scrip opened at Rs. 56.35 and has touched a high and low of Rs. 57.80 and Rs. 55.40 respectively. So far 94,005 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 88.70 on 06-Aug-2015 and a 52 week low of Rs. 39.10 on 26-Feb-2016.

Last one week high and low of the scrip stood at Rs. 57.80 and Rs. 51.80 respectively. The current market cap of the company is Rs. 414.36 crore.

The promoters holding in the company stood at 58.86% while Institutions and Non-Institutions held 5.64% and 35.50% respectively.

Madhucon Projects has successfully completed the Strategic sale of its majority stake (74%) in Madhucon Agra - Jaipur Expressways (MAJEL) to Cube Highways and Infrastructure Pte, (formerly known as ISQ Asia Infrastructure I-A Pte). Cube Highways has initially emerged as the successful bidder in buying majority stake in MAJEL which also attracted strong interest from several major investors in India and abroad.

Madhucon and Cube Highways had signed a share purchase agreement on October 21, 2015 for Rs 248 crore. Upon receiving all necessary approvals the transfer was concluded on March 30, 2016 with a stake transfer of 74%. Disinvestment of the stake has assisted Madhucon Group to pare down its debt by Rs 212 crore. This is the first major Strategic sale in Madhucon’s Highway portfolio.

Madhucon Projects is engaged in civil construction. The Company is an integrated construction, infrastructure development and management company. It caters to various sectors of construction and infrastructure projects, such as transportation, irrigation, water resources infrastructures, railways, engineering, procurement and construction (EPC), turnkey projects, developments of smart cities, and properties, in India.

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