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Last Updated : Aug 24, 2017 03:05 PM IST | Source: Moneycontrol.com

Dilip Buildcon up 6% on agreement with Shrem Group to divest entire stake in 24 SPVs

Dilip Buildcon is expected to receive approximately Rs 1,600 crore through this transaction with investment organisation that is spearheaded by two brothers - Nitan Chhatwal and Hitesh Chhatwal.

 
 
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Dilip Buildcon shares rallied nearly 6 percent intraday Thursday on agreement for divestment of entire stake in 24 special purpose vehicles (SPVs).

The Bhopal-based road developer informed exchanges that it has signed a term sheet with Chhatwal Group Trust (Shrem Group) today for divestment by way of sale, transfer or disposal of 24 subsidiaries of the company.

Total project value of these subsidiaries stood at approximately Rs 10,500 crore.

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"The sale is for 14 operational projects, and 4 under construction projects & 6 HAM projects, which are at different stages of under construction and pre-construction," Dilip Buildcon said.

It had signed agreement with Shrem Infrastructure with respect to SPV - DBL Tuljapur Ausa Highways, which is also being covered under term sheet signed today, it added.

As of June 2017, the company invested (in form of equity and sub debt) Rs 681.99 crore while an amount of Rs 841.61 crore is yet to be invested.

Dilip Buildcon is expected to receive approximately Rs 1,600 crore through this transaction with investment organisation that is spearheaded by two brothers - Nitan Chhatwal and Hitesh Chhatwal.

At 14:38 hours IST, the stock price was quoting at Rs 602.00, up Rs 24.10, or 4.17 percent amid high volumes on the BSE.

Posted by Sunil Shankar Matkar

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First Published on Aug 24, 2017 03:05 pm
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