Simplex Projects shares zoom 20% as co sells 51% stake in arm

Simplex Projects shares surged 20 per cent today after the company sold 51.21 per cent stake in its arm Simpark Infrastructure, proceeds of which will be utilised for business purposes.
The stock advanced 19.96 per cent to settle at Rs 28.85, its upper circuit limit, on BSE.
On NSE, it surged 19.95 per cent to close at Rs 28.85.
The company, however, did not give any financial details of the deal.
"The board of directors of the company at its meeting held on March 28, 2016, had decided to sell its investment in the wholly-owned subsidiary, Simpark Infrastructure... Accordingly, 16,31,400 shares (51.21 per cent) have been sold," the company had said in a BSE filing yesterday.

Earlier, the board had resolved that "investment up to 75 per cent only in the wholly-owned subsidiary of the company, Simpark Infrastructure Private, be sold and the sale proceeds be utilised for business purposes".