MEP Infrastructure Developers is planning to sell its entire stake in six road projects to Indian Highways Developers (IHD) for over Rs 450 crore.
It had signed a non-binding term sheet with IHD on August 4 in respect of divestment of its total stake in its six special purpose vehicles (SPV), MEP said in a release.
"A consideration of over Rs 450 crore will be received from the sale of 100 per cent stake in the SPVs," it added.
The SPVs to be sold include MEP Nagpur Ring Road 1, MEP Sanjose Nagpur Ring Road 2, MEP Sanjose Arawali Kante Road, MEP Sanjose Kante Waked Road, MEP Sanjose Talaja Mahuva Road and MEP Sanjose Mahuva Kagavadar Road.
The company hopes to complete the sale proceeds before to March 31, 2020, in conformance with the provisions of the respective concession agreements, it said.
Indian Highways Developers is a company set up in Singapore with the objective of acquiring and operating of transportation projects, the release said.
MEP Infrastructure Developers' shares ended 0.59 per cent higher at Rs 59.65 apiece on the BSE today, against 0.36 per cent rise in the benchmark.
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