Sadbhav Infrastructure Project Ltd receives approval from AUDA for transfer of stake

Sadbhav Infrastructure Project Ltd (SIPL) has received approval from Ahmedabad Urban Development Authority (AUDA) regarding transfer of 100% stake of Ahmedabad Ring Road Infrastructure Limited (ARRIL), a wholly owned subsidiary Company from Sadbhav Infrastructure Project Limited ('SIPL') to Indinfravit Trust ('Indinfravit') and refinancing of existing debts of ARRIL subject to fulfillment of certain conditions.

The company has signed definitive agreements with Indinfravit on 1st July, 2019 to sell 100% stake in nine operational projects for an enterprise value of INR 66.1 bn (including equity value of INR 25.5 bn). Sales consideration of INR 25.5 bn shall split into units (10% units of Indinfravit) and Rs. 19 bn in cash. Additional upsides from car revenues from ARRIL, proceeds of awards/claims from the transaction assets shall flow to SIPL over and above sale consideration value stated above.

Shares of Sadbhav Infrastructure Project Ltd was last trading in BSE at Rs.16.2 as compared to the previous close of Rs. 16.15. The total number of shares traded during the day was 113682 in over 76 trades.

The stock hit an intraday high of Rs. 16.4 and intraday low of 15.8. The net turnover during the day was Rs. 1835845.

Source : Equity Bulls

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