Patel Engineering Limited updates on international arbitration award

An international Arbitral Tribunal has published a Partial Final Award in favour of the Company for the wrongful termination and expropriation of the lease of land to its subsidiary in Mauritius for amount of MUR 1.35 billion as on February 2015 (equivalent to USD 40.225 million as on February 2015) plus interest at PLIBOR + 2% till payment. The Award on Costs has been reserved.

Subject to any challenge to the Award and enforcement proceedings and net of costs of funding the arbitration proceedings and court proceedings, the Company will be entitled to the remainder of the amount awarded.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 60.14 as compared to the previous close of Rs. 59.68. The total number of shares traded during the day was 1014668 in over 4542 trades.

The stock hit an intraday high of Rs. 61.59 and intraday low of 59.70. The net turnover during the day was Rs. 61425230.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 International ArbitrationAward