Stock Report

Dilip Buildcon Ltd updates on sale of SPVs to Cube Highways

Posted On : 2022-01-03 20:54:55( TIMEZONE : IST )

Dilip Buildcon Ltd updates on sale of SPVs to Cube Highways

Dilip Buildcon Limited (the "Company") and along with its nominee have transferred its 49% equity stake in its subsidiary companies viz. DBL Borgaon Watambare Highways Private Limited, DBL Mangalwedha Solapur Highways Private Limited and DBL Mangloor Highways Private Limited ("SPVs") to Cube Highways and Infrastructure III Pte. Ltd. ("Purchaser") and its nominee on December 31, 202l.

As per the transaction structure the 100% stake transfer of the Company in aforesaid SPVs was to be consummated in two stages, of which the first stage of transfer of 49% equity stake has been completed on December 30, 2021 and the second stage transfer, wherein the balance 51% equity stake needs to be transferred, is scheduled to be completed after expiry of mandatory lock-in period as per the provisions of the Concession Agreement subject to various regulatory approvals.

The Company has invested INR 302.35 Crs (in form of equity share capital & subordinate loans in aforesaid SPVs) against which the Company has receiyed from the Purchaser INR 126.25 Crs towards transfer of 49% equity stake and INR 165.36 Crs towards repayment of subordinate loans provided by the Company to said SPVs. The Company is expected to further receive an amount of INR 138.00 Crs approx. towards the transfer of the balance 51% equity stake to the Purchaser. Amount payable on sale of 51% equity stake may undergo some changes as per the terms of the Share Purchase Agreement signed with the Purchaser.

Shares of Dilip Buildcon Limited was last trading in BSE at Rs. 432.60 as compared to the previous close of Rs. 442.80. The total number of shares traded during the day was 181416 in over 3794 trades.

The stock hit an intraday high of Rs. 442.00 and intraday low of 430.30. The net turnover during the day was Rs. 78717549.00.

Source : Equity Bulls


DilipBuildcon INE917M01012 DBL Roads Highways SPV StakeSale