Sadbhav Infrastructure Project Limited and Adani Road Transport Limited enter into Share Purchase Agreement for the sale of the equity shares of Maharashtra Border Check Post Network Limited

Sadbhav Infrastructure Project Limited ("SIPL") and Adani Road Transport Limited (ARTL) executed Share Purchase Agreement (SPA) on August 16, 2021, for sale of its equity shares of Maharashtra Border Check Post Network Limited a wholly owned subsidimy of the Company or a Special Purpose Vehicle of the Company (SPV)(including that held by nominees), out of which 49% shares will be acquired initially by ARTL along with an option to purchase additional stake, in one or more tranches, subject to inter alia the satisfaction of the relevant conditions precedent and receipt of requisite regulatory approvals/consents ("the Transaction"). The Transaction has an Enterprise Value ofINR 1,680 Crores.

The transaction is subject to ce1iain regulato1y and other customary conditions precedent common in transactions of this nature, including the approval of the relevant regulatory authorities (as applicable).

Mr. Vasistha C. Patel, Managing Director of the Coinpany has extended vote of thanks and said: "We are ve1y much thankful to the Adani Group for agreeing to buy a Project SPV. This transaction would mark a significant milestone for Sadbhav Group and synergies the future growth of the group. This is a very exciting phase in our journey and we are very committed to delivering growth and value to our shareholders, both at SIPL and SEL. This divestment will infuse liquidity support into the Company and also provide resilience and necessary financial strength to the Balance Sheet of the Company. The transaction would demonstrate the commitment of the promoters towards de-leveraging the overall financial position of the group for a sustainable growth journey."

Shares of Sadbhav Infrastructure Project Limited was last trading in BSE at Rs. 22.35 as compared to the previous close of Rs. 23.5. The total number of shares traded during the day was 168349 in over 703 trades.

The stock hit an intraday high of Rs. 24.6 and intraday low of 22.35. The net turnover during the day was Rs. 3855677.

Source : Equity Bulls

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