Sadbhav to sell stake in highway co to Gammon for Rs 72-cr

Sadbhav Engineering today said it has signed an agreement with Gammon Infrastructure Projects (GIPL) to sell 19.99 per cent stake in Mumbai Nasik Expressway (MNEL) for an aggregate consideration of Rs 72 crore.
The two firms have executed a binding term sheet whereby Sadbhav would sell 103,99,500 equity shares of Rs 10 each held in Mumbai Nasik Expressway constituting 19.99 per cent of the share capital to GIPL, the company said in a BSE filing.
"In terms of the term sheet, the company is in the process of transferring its shares in MNEL to SIPL. Definitive agreements are proposed to be executed in this regard," it added.

MNEL is the special purpose vehicle to improve, operate and maintain the stretch from Vadape to Gonde section of the National Highway 3 in Maharashtra.