NCC rises as its arm inks share sale agreement for sale of SGPL for Rs 352 crore

NCC is currently trading at Rs. 69.80, up by 0.40 points or 0.58% from its previous closing of Rs. 69.40 on the BSE.

The scrip opened at Rs. 69.60 and has touched a high and low of Rs. 70.65 and Rs. 69.40 respectively. So far 144659 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 118.20 on 07-Apr-2015 and a 52 week low of Rs. 53.45 on 07-Sep-2015.

Last one week high and low of the scrip stood at Rs. 71.00 and Rs. 66.95 respectively. The current market cap of the company is Rs. 3883.18 crore.

The promoters holding in the company stood at 20.41% while Institutions and Non-Institutions held 43.18% and 36.30% respectively.

NCC’s subsidiary - NCC Infrastructure Holdings (NCCIHL) has entered into share sale agreement with Sembcorp Utilities (SCU), for sale of a portion of the stake held in Sembcorp Gayatri Power (SGPL) (formerly NCC Power Projects). This step has been taken as a part of NCCIHL’s strategic initiatives to divest the stake held in the various SPVs in which it has invested.

SGPL is implementing the 1320 MW Coal Fired Power Project near Krishnapatnam, Nellore, Andhra Pradesh. The present transaction involves sale of 256,844,470 equity shares of Rs 10 each held by NCCIHL in SGPL to SCU for a gross consideration of Rs 352.00 crore (including interest). NCC is the EPC contractors for the Power Project being implemented by SGPL.

SCU is a leading developer, owner and operator of energy and water assets with strong operational and technical capabilities. SCU has over 10,600 MW of power capacity installed and under development with an established presence in Asia and a strong growing presence in emerging markets around the world.