Patel Engineering has divested 41.01% equity stake in its subsidiary viz. Michigan Engineers (MEPL). Hence, MEPL cease to be subsidiary of the Company. Further, with this the Company shall also reduce its Corporate Guarantees for facilities taken by MEPL from its lenders of Rs 176 crore.
Earlier, the company had executed a Share Purchase agreement with inter alia Authum Investment and Infrastructure (the purchaser), to sell and transfer 41.01% of its equity stake from out of 51% in MEPL.
Patel Engineering provides a wide range of civil engineering services involved in design and construction of power projects, hydroelectric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.
