Kridhan Infra soars 17% on FPI buying

Kridhan Infra soared 17% to Rs 117 on the BSE in noon deal after the foreign portfolio investor (FPI) bought the stake in the company through open market.

The trading volumes on the counter more than doubled with a combined 6.24 million shares changed hands on the BSE and NSE till 12:17 PM.

On Monday, December 18, 2017, Government of Singapore acquired 895,058 equity shares representing or 1.2% stake in Kridhan Infra at price of Rs 92 per share on the BSE, bulk deal data shows.

Mustray Impex and Services Private Limited had sold more than half or 2 million shares (2.7% stake) in the construction & engineering company at Rs 92.21 per share, data shows.

According to shareholding pattern as of September 30, 2017, Mustray Impex and Services Private Limited held 3 million shares or 4.05% stake in the company.

The name of the other buyers not immediately ascertained.

Kridhan Infra sees significant revenue increase of over two times and maintaining 13%-14% Ebitda (earnings before interest, taxes, depreciation and amortization) margin in FY19.

India EPC business to contribute more than 50% of the FY19 revenue, also from Vijay Nirman Construction Company (VNC), which have strong order book of over Rs 2,600 crore. The significant pick-up in Singapore EPC business as Swee Hong bids for new projects, the company said in investor presentation.