Sadbhav Engineering on Monday (16 March 2020) said its material subsidiary, Sadbhav Infrastructure Project (SIPL), has received Rs 457.70 crore in the second tranche of payment in connection with the sale of seven road projects to IndInfravit Trust.
SIPL has received Rs 457.70 crore towards second tranche in connection with the sale of entire equity share capital held by SIPL in seven operational road projects to the IndInfravit Trust. Balance funds are expected to be received soon. So far, SIPL has received Rs 1291 crore and units of IndInfravit Trust worth Rs 724.30 crore, the company said after market hours yesterday, 17 March 2020.
In July 2019, IndInfravit Trust acquired nine operational road assets of SIPL. The transaction valued 100% of the roads portfolio of SIPL at an enterprise value of Rs 6,610 crore.
Shares of Sadbhav Engineering declined 3.08% to Rs 44.10. The stock hit 52-week low of Rs 43.25 in intraday trade.
On a consolidated basis, Sadbhav Engineering reported a net loss of Rs 69.79 crore in Q3 December 2019 compared with a net profit of Rs 15.32 crore in Q3 December 2018. Net sales fell 47.9% to Rs 681.29 crore in Q3 December 2019 over Q3 December 2018.
Sadbhav Engineering is engaged in the construction and maintenance of roads and highway, and irrigation system (canal). The firm is also engaged in the site preparation for mining, including overburden removal and other development. The company's segments include EPC Contracts and BOT (Toll & Annuity).
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