Sadbhav Engineering on Monday said it has received Rs 457.7 crore in the second tranche of payment in connection with the sale of seven road projects to Indinfravit.
"Company has received Rs 4577 million towards 2nd tranche in connection with the sale of entire equity share capital held by the company in seven operational road projects to the Indlnfravit Trust," Sadbhav Engineering Ltd said in a filing to BSE.
Balance funds are expected to be received soon, the company said.
Till now, the company has received Rs 1,291 crore and units of Indinfravit Trust worth Rs 724.3 crore, it added.
Sadbhav Infrastructure Project Limited (SIPL), a subsidiary of Sadbhav Engineering, in July 2019 had inked a definitive pact with Indinfravit to sell 100 per cent stake in nine operational projects for an enterprise value of Rs 660 crore.
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