Srei Infra shares zoom 14% on BNP Paribas stake buying

Shares of Srei Infrastructure Finance zoomed almost 14 per cent today as the French banking group arm BNP Paribas Lease will acquire 5 per cent stake in SIFL and in lieu will divest 50 per cent holding in the JV company Srei Equipment Finance Ltd (SEFL).
The stock soared 13.35 per cent to settle at Rs 58.60 on BSE. During the day, it jumped 18.76 per cent to Rs 61.40 -- its 52-week high.
At NSE, shares of the company surged 13.95 per cent to close at Rs 58.80.
"BNP Paribas will get 5 per cent in Srei Infrastructure for their 50 per cent stake in the equipment joint venture company Srei Equipment Finance. This is cash neutral deal," Srei Infra chairman and managing director Hemant Kanoria said today in Kolkata.

Post the deal, Srei Equipment Finance will become 100 per cent subsidiary of the flagship company of the Srei group.
The 5 per cent stake will be allotted to BNP from Srei Growth Trust (independent trust but beneficiary is Srei) which holds 9 per cent stake in Srei Infrastructure, Srei chief strategy officer Sanjeev Sancheti said.
BNP Paribas Lease Group will acquire 2,51,54,317 equity shares of SREI representing 5 per cent of the company in lieu of the entire shareholding of 2,98,30,000 equity shares in Srei Equipment Finance.