Madhucon up 5% on completion of stake sale in Agra-Jaipur project1 min read . Updated: 13 Apr 2016, 06:02 PM IST
Shares of Madhucon Projects rises by over 5% after it completed the sale of 74% stake in Madhucon Agra-Jaipur Expressways
Mumbai: Shares of Madhucon Projects today rose by over 5% after it completed the sale of 74% stake in Madhucon Agra-Jaipur Expressways (MAJEL) to Singapore-based Cube Highways and Infrastructure for ₹ 248 crore.
The stock climbed 5.27% to settle at ₹ 55.90 on BSE. During the day, it gained 8.85% to ₹ 57.80. At NSE, shares of the infrastructure company jumped 5.28% to close at ₹ 55.80. On the volume front, 1.44 lakh shares of the company changed hands at BSE and over 6 lakh shares were traded at NSE during the day.
The transaction will help pare down the debt of Madhucon Group by ₹ 212 crore, the company had said in a BSE filing yesterday. “The Madhucon Group announced the successful completion of the strategic sale of its majority stake (74%) in MAJEL to Cube Highways and Infrastructure," it said. Cube Highways had emerged as the successful bidder in buying majority stake in MAJEL, it added.
Madhucon and Cube Highways of Singapore had entered into a share purchase agreement on 21st October last year for ₹ 248 crore.
The proceeds from the transaction will be used to complete the under-construction infrastructure projects of the group, the statement said.