Moneycontrol
Apr 13, 2016 10:57 AM IST | Source: Moneycontrol.com

Madhucon Projects gains 9% on sale of Agra-Jaipur Expressways

"Madhucon Group announced successful completion of strategic sale of its majority stake (74 percent) in Madhucon Agra-Jaipur Expressways to Cube Highways and Infrastructure," the Hyderabad-based infrastructure company said.

Madhucon Projects gains 9% on sale of Agra-Jaipur Expressways

Moneycontrol Bureau


Madhucon Projects shares gained nearly 9 percent on debt reduction post strategic stake sale of Agra-Jaipur Expressways.


"Madhucon Group announced successful completion of strategic sale of its majority stake (74 percent) in Madhucon Agra-Jaipur Expressways to Cube Highways and Infrastructure," the Hyderabad-based infrastructure company said.


Both companies signed a share purchase agreement on October 21, 2015 for Rs 248 crore.


The company said divestment of stake has assisted Madhucon Group to pare down its debt by Rs 212 crore, adding sale proceeds from transaction will be used to complete under construction infrastructure projects.


Madhucon Agra-Jaipur Expressways is an operational BOT (build-operate-transfer) project of NHAI between Bharatpur and Mahua in Rajasthan. This project commenced toll collections since May 2009.

At 10:29 hours IST, the scrip of Madhucon Projects was quoting at Rs 56.35, up Rs 3.25, or 6.12 percent amid high volumes on Bombay Stock Exchange.

Posted by Sunil Shankar Matkar

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