Punj Lloyd surges as its arm sells entire 27.78% stake in Olive Group Capital

24 Oct 2013

Punj Lloyd is currently trading at Rs. 30.10, up by 0.50 points or 1.69% from its previous closing of Rs. 29.60 on the BSE.

The scrip opened at Rs. 30.00 and has touched a high and low of Rs. 30.70 and Rs. 29.80 respectively. So far 634888 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 64.10 on 09-Jan-2013 and a 52 week low of Rs. 20.25 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 30.70 and Rs. 26.00 respectively. The current market cap of the company is Rs. 1007.91 crore.

The promoters holding in the company stood at 37.23% while Institutions and Non-Institutions held 19.17% and 43.60% respectively.

Punj Lloyd’s - Singapore based wholly owned subsidiary of the company has sold its entire shareholding in Olive Group Capital, comprising 27.78% of its capital, for a total consideration of $20 million for a mix of initial and deferred consideration. The deferred consideration of approximately $11 million shall be received with interest thereon. Punj Lloyd Group had invested approximately $14 million in Olive Group.

The company has also been awarded a contract worth Rs 275 crore on cost plus basis, for setting up of various infrastructure facilities including civil, structural, mechanical, electrical & instrumentation, piping, cross country pipelines, horizontal direction drilling, equipment assembly, fabrication and erection, marine work, tankages work and electrical and other associated and miscellaneous works and rectification of defective works at a leading refinery in India.

Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.

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Puchho Befikar
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