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Bharat Road Network shares freeze at 20% upper circuit

The company has divested its entire 40 percent stake held in its associate Shree Jagannath Expressways Private Limited (SJEPL) and received Rs 94.1 crore from the purchaser - Indian Highway Concessions Trust acting through its investment manager.

June 30, 2022 / 03:53 PM IST
 
 
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Shares of Bharat Road Network were locked in a 20 percent upper circuit on June 30 after the company received more than Rs 90 crore from the entire stake sale in its associate firm.

The stock closed at Rs 32 with the formation of a robust bullish candlestick pattern on the daily charts.

The company has divested its entire 40 percent stake held in its associate Shree Jagannath Expressways Private Limited (SJEPL) and received Rs 94.1 crore from the purchaser - Indian Highway Concessions Trust acting through its investment manager.

Bharat Road Network's equity exposure in SJEPL was Rs 112.16 crore.

"... has successfully consummated the transaction contemplated under Securities Purchase Agreement (with Indian Highway Concessions Trust) dated January 21, 2021, on June 28, 2022," Bharat Road Network said.

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Apart from the above, the Kolkata-based road BOT (build-operate-transfer) company in its BSE filing said special purpose vehicle, namely SJEPL has claims against NHAI of approximately Rs 700 crore pending conciliation.

As per agreements with the purchaser, Bharat Road Network is entitled to receive the further amount in proportionate to its shareholding (40 percent) on successful completion of conciliation or legal proceedings.
Moneycontrol News
first published: Jun 30, 2022 03:53 pm
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