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C&C Constructions touches roof on plan to sell entire stake in two road SPVs

18 Jul 2017

C&C Constructions is locked at upper circuit limit at Rs. 70.25, up by 3.30 points or 4.93% from its previous closing of Rs. 66.95 on the BSE.

The scrip opened at Rs. 69.00 and has touched a high and low of Rs. 70.25 and Rs. 69.00 respectively. So far 9,784 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 84.75 on 19-Jun-2017 and a 52 week low of Rs. 13.00 on 02-Aug-2016.

Last one week high and low of the scrip stood at Rs. 77.00 and Rs. 66.95 respectively. The current market cap of the company is Rs. 178.75 crore.

The promoters holding in the company stood at 32.41%, while Institutions and Non-Institutions held 8.92% and 58.67% respectively.

C&C Constructions has executed a definite term sheet for sale of its entire stake in two of its road SPVs. The documentation for the sale of these two road assets is in progress and the permission for sale from the concerned authorities shall be initiated.

The sale process is likely to be completed in around three months. The Board of Directors of the company has already granted its approval for sale of its stake in above said two road SPVs.

C&C Constructions operates as an infrastructure development company in India. The company engages in the construction of highways and airports; laying of optic fiber cables; and maintenance of telecom networks.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323