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Sadbhav Infrastructure Project closes 3% higher on Day 1

The stock touched an intraday high of Rs 112.45 and low of Rs 106 amid traded volume of 1.3 crore equity shares.

September 16, 2015 / 10:38 PM IST
 
 
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Moneycontrol Bureau


Shares of Sadbhav Infrastructure Project rose 3 percent to close near day's low of Rs 106.15 on National Stock Exchange on Wednesday. It debuted at Rs 111 against issue price of Rs 103 apiece.


The stock touched an intraday high of Rs 112.45 and low of Rs 106 amid traded volume of 1.3 crore equity shares.


The subsidiary of Sadbhav Engineering raised Rs 492 crore through public issue that comprised of Rs 425 crore fresh issue and an offer for sale of up to 32.36 lakh shares by existing investors - Xander and Norwest.


The funds raised through the issue will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway (SUTPL) and for part-financing of the SUTPL project.

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Promoter holding reduced to 68.95 percent from 78.10 percent post issue.


Sadbhav Infra incorporated in 2007 as a developer and operator for highways, road and related projects on a BOT basis. It owns 10 road BOT projects, six of which are operational & one partially operational while three are expected to be operational starting October 2015 to June 2016. Nine of the 10 projects are toll based, while one is annuity based project.

Posted by Sunil Shankar Matkar

first published: Sep 16, 2015 05:22 pm

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