Simplex Projects sells 51% equity in arm Simpark Infra

Simplex Projects said it has sold 51.21 percent stake in its arm Simpark Infrastructure, proceeds of which will be utilised for business purposes.

The company, however, did not give any financial details of the deal.

"The Board of Directors of the company at its meeting held on March 28, 2016, had decided to sell its investment in the wholly-owned subsidiary, Simpark Infrastructure...

Accordingly, 16,31,400 shares (51.21 percent) have been sold," the company said in a BSE filing.

Simpark Infrastructure is a wholly-owned subsidiary of Simplex Projects.

Earlier, the Board of Directors had resolved that "investment up to 75 percent only in the wholly-owned subsidiary of the company, Simpark Infrastructure Private, be sold and the sale proceeds be utilised for business purposes."