KNR Constructions trades ex-stock split; stock hits record high

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KNR Constructions was trading higher by 5% at Rs 169 on the BSE in an otherwise range-bound market after the stock turned ex-stock split on Tuesday from Rs 10 to Rs 2.

The stock hit a record high of Rs 174, up 8% on the BSE in intra-day trade so far. A combined 19,094 shares changed hands on the counter on BSE and NSE till 09:49 am.

The construction & engineering company has fixed record date as December 14, 2016 for the purpose of sub-division of face value from Rs 10 to Rs 2 and to ascertain the eligible shareholders who would be entitled to receive five equity shares of nominal value of Rs 2 in lieu of one equity share of Rs 10 each.

In the past one-month, the stock outperformed the market by gaining 18% from Rs 143 (adjusted to stock split) on November 11, after the company along with Patel Engineering signed a share purchase agreement to sell entire equity stake in two Road BOT assets viz. Patel KNR Infrastructure Limited and Patel KNR Heavy Infrastructure Limited to an Essel group company. The enterprise value of both assets put together for this transaction is around Rs 850 crore. The S&P BSE Sensex declined 1% during the same period.