Rs 38,021 crore order book: Shapoorji Pallonji Group’s civil construction company approved the acquisition of 500 shares of Afcons Overseas Singapore Pte Ltd
The stock is up by 6 per cent from its 52-week low of Rs 398.55 per share.
Afcons Infrastructure Ltd., a Shapoorji Pallonji Group company, announced the acquisition of 500 ordinary shares (0.99%) of its subsidiary, Afcons Overseas Singapore Pte. Ltd. (AOSPL), from Afcons Mauritius Infrastructure Limited. This transaction, approved by the Board of Directors on November 23, 2024, and completed subsequently, aims to make AOSPL a wholly-owned subsidiary. AOSPL, incorporated in Singapore on March 27, 2014, engages in engineering, procurement, and construction, with a paid-up capital of USD 50,500 and a FY 2024 turnover of SGD 7,895,517. The acquisition, a related party transaction, was completed for a cash consideration of Rs. 58,000,000, with an expected completion date of April 1, 2025.
The acquisition's objective is to consolidate AOSPL under Afcons Infrastructure Ltd. for its engineering design and consultancy activities. Though a related party transaction due to AOSPL's subsidiary status, no promoter/promoter group/group company holds interests beyond this. AOSPL's turnover for the past three years indicates fluctuation, with FY 2023 at SGD 19,390,880 and FY 2022 at SGD 93,862,700, showing significant variation. No specific governmental or regulatory approvals were required for this acquisition.
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About Afcons Infrastructure Ltd
Afcons Infrastructure Ltd is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group. It has a legacy of over six decades, with a strong track record of executing numerous technologically complex EPC projects both within India and internationally. As per the latest ENR survey, Afcons is ranked in the Top 140 international Contractors globally; 12th in Bridges and 14th in Marine & Ports. The company has a market cap of over Rs 17,000 crore and as of December 31, 2024, the order book stands at Rs 38,021 crore excluding lowest bidder (L1) orders worth Rs 10,662 crore. The stock is up by 6 per cent from its 52-week low of Rs 398.55 per share.
Disclaimer: The article is for informational purposes only and not investment advice.