SREI Infrastructure Finance rose 2.15% to Rs 47.45 at 9:58 IST on BSE after the company said its wholly owned subsidiary proposes to sell 26% stake in Quippo Drilling International to an overseas entity.
The announcement was made after market hours yesterday, 23 August 2018.Meanwhile, the S&P BSE Sensex was up 48.63 points, or 0.13% to 38,385.39.
On the BSE, 79,000 shares were traded in the counter so far compared with average daily volumes of 2.25 lakh shares in the past two weeks. The stock had hit a high of Rs 48 and a low of Rs 46 so far during the day. The stock hit a 52-week high of Rs 130 on 1 September 2017. The stock hit a 52-week low of Rs 45.90 on 23 August 2018.
SREI Infrastructure Finance said its wholly owned subsidiary, Quippo Oil & Gas Infrastructure (QOGIL), proposes to sell 2,600 equity shares, constituting 26% shareholding in Quippo Drilling International (QDIPL) to an overseas entity. Consequently, QDIPL shall cease to be the wholly owned subsidiary of QOGIL but shall continue to be a subsidiary of QOGIL. Consequently, QDIPL shall also cease to be a wholly owned step down subsidiary of the company, but shall continue to be a step down subsidiary of the company.
Presently, SREI Infrastructure Finance holds 100% shares in QOGIL and accordingly, QOGIL is a wholly owned subsidiary of the company. QOGIL holds 100% shares in QDIPL and therefore QDIPL is the wholly owned subsidiary of QOGIL and wholly owned step down subsidiary of the company.
On a consolidated basis, net profit of SREI Infrastructure Finance rose 86.54% to Rs 116.98 crore on 6.94% rise in total income to Rs 1401.40 crore in Q4 March 2018 over Q4 March 2017.
SREI Infrastructure Finance delivers innovative solutions in the infrastructure space. The company's services include infrastructure project finance, advisory and development, infrastructure equipment finance, alternative investment funds, capital markets and insurance broking.
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