Sadbhav Infra gets second tranche of Rs 4,577 million

In February 2020, IndInfravit Trust had purchased the entire equity shareholding of Sadbhav Infrastructure Project Limited (SIPL) in six of its nine operational NHAI road projects for a total equity value of Rs 18,910 million. Against this, SIPL was issued 62,041,118 units amounting to Rs 7,243 million today and the balance Rs 11,667 million is to be received in cash subsequently.

On February 27, 2020, the company had informed that it had received Rs 8,333 million towards first tranche in connection with the sale of entire equity share capital held by the company in six operational road projects to Indlnfravit Trust.

On March 16, 2020, it received Rs 4,577 million towards second tranche in connection with the sale of entire equity share capital held by the company in seven operational road projects to Indlnfravit Trust. In all till now, SIPL has received funds of Rs 12,910 million and the balance funds are expected to be received soon.

On Tuesday, the stock of SIPL opened at Rs 16.50. During the early morning trading session, it hit upper circuit of five per cent at Rs 16.95. However later, it dipped as low as Rs 15.45 level, down by 4.3 per cent from its previous close of Rs 16.15 on BSE.