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BGR Energy Systems soars on getting nod to sell 69.67% stake in Progen

31 Mar 2020
BGR Energy Systems is currently trading at Rs. 21.05, up by 0.85 points or 4.21% from its previous closing of Rs. 20.20 on the BSE.

The scrip opened at Rs. 21.00 and has touched a high and low of Rs. 21.30 and Rs. 21.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 64.45 on 01-Apr-2019 and a 52 week low of Rs. 18.95 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 22.60 and Rs. 19.30 respectively. The current market cap of the company is Rs. 151.90 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 1.44% and 23.56% respectively.

BGR Energy Systems has received approval for the proposal of sale of entire investment of the company held in Progen Systems and Technologies (Progen), a 
subsidiary of the company. The sale comprise of 42.5 lakh equity shares constituting 69.67% of the subscribed and paid up capital of Progen. These shares are to be acquired by BGR Investment Holdings Company, a related party. BGR Investment Holdings Company holds the balance 30.33% of Progen.

Consequently, Progen would ceased to be a subsidiary of the company. The consideration to be received from such sale is Rs 43.35 crore. The company’s Board of Directors at their meeting held on March 30, 2020, approved the same.

BGR Energy Systems is engaged in construction and maintenance of power plants.

Related BGR Energy Systems Ltd. Links:

BGR Energy Systems Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323