Simplex Projects gains on plans to sell stake in arm

The company has sold 51.21% stake in its Simpark Infrastructure Pvt. Ltd

Shares of Simplex Projects were up nearly 9% at Rs 26 after the company said it plans to sell stake in its wholly-owned subsidiary, Simpark Infrastructure Pvt. Ltd.

Accordingly, 16,31,400 shares comprising 51.21% stake in the wholly-owned subsidiary have been sold on  March 31, 2015 in compliance with the provisions of the Companies Act, 2013 read with SEBI (LODR) Regulations, 2015, the company said in a release.

The stock opened at Rs 26 and touched a high of Rs 27. At 11:30am, over 25,000 shares were traded on both the stock exchanges.