Kridhan Infra Limited Promoter Buys Shares in Open Market

Kridhan Infra Limited (KIL) has announced that the company's Promoter and Managing Director, Mr. Anil Dhanpatlal Agrawal, purchased 1,08,000 equity shares from the open market at an average price of INR 47.57 per share. With this acquisition, the total promoter holding in Kridhan Infra Limited has increased to 47.15%.

Mr. Agrawal stated that the recent decline in the company's share prices offered a good opportunity for him to consolidate promoter holding. This recent purchase transaction by the company's promoter & MD re-iterates his confidence in the company's strong growth prospects and KIL's unique position within the Asian infrastructure industry.

Kridhan Infra Limited is well positioned to deliver superior growth in both India and Singapore. During FY18, the company's consolidated proforma revenue increased 2.3x to INR 15.8 billion with EBITDA margins of over 12%. KIL is on track to meet its FY19 consolidated revenue guidance of INR 18-20 billion with sustainable EBITDA margins of 12%-13%. Keeping inline with its guidance of superior growth, Kridhan Infra's Indian associate, VNC has already won new orders worth INR 7 billion in FY19.

Company's 1Q2019 corporate presentation uploaded to the BSE and NSE website on 24th August, 2018 has more details on the business developments and prospects. There have been no material changes on the business side since the presentation except new order announcements already available in public domain.

Shares of Kridhan Infra Limited was last trading in BSE at Rs.47.15 as compared to the previous close of Rs. 58.35. The total number of shares traded during the day was 176059 in over 1410 trades.

The stock hit an intraday high of Rs. 59.1 and intraday low of 46.7. The net turnover during the day was Rs. 8469288.

Source : Equity Bulls

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