Jul 15, 2013, 06.19 PM | Source: Moneycontrol.com
Brokerage house ICICIdirect.com has recommended hold rating on Sadbhav Engineering (SEL) with a price target of Rs 95, in its July 15, 2013 research report.
, ICICIdirect.com |
"Sadbhav Engineering (SEL) has announced it is looking to raise funds through preferential allotment of warrants and rights issue along with detachable warrants. Together, this would enable it to raise ~Rs 200 crore to largely funds its capex requirement (Rs 130 crore). Furthermore, SIPL is mulling various option through securitisation and raising fresh equity to funds its equity commitment of ~Rs 850 crore over the next three years."
"Though current valuations are attractive, we would like to see a ramp up on MBCPN toll collection (contributing a third to our valuation) and improvement in WC and its steps to meet equity requirement for SIPL, going ahead. Consequently, we have assigned a HOLD rating to the stock with an SoTP target price of Rs 95/share. We highlight that we have not incorporated any dilution from recent raising plans in our valuation," says ICICIdirect.com research report.
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