G R Infra gains on inking pact to sell entire stake in 7 subsidiaries

G R Infraprojects rose 1.41% to Rs 1,200 after the company has entered into share purchase agreement (SPA) with Bharat Highways InvIT for sale of its entire investment in equity share of seven wholly owned subsidiary companies.

The seven wholly owned subsidiaries of the company namely GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devarapalli Highway and GR Dwarka Devariya Highway.

Upon the sale, the company will received units of Bharat Highways InvIT. The units will be issued at such price as may be determined, through the book building process under the SEBI InvIT Regulations and InvIT Guidelines.

The sale will be completed on or before 15 March 2024.

Meanwhile, the companys wholly owned subsidiary, GR Tarakote Sanjichhat Ropeway has executed the concession agreement with Mata Vaishno Devi Shrine Board, Katra (J&K).

The said project includes design, engineering, construction, development, finance, operation & maintenance of passenger ropeway between Tarakote & Sanjichhat at Katra (J&K), on BOOT basis.

The cost of the ropeway project are estimated to Rs 200 crore and the company will provide 33 years of Operation & Maintenance service including 3 years for construction period.

GR Infraprojects is engaged in construction of infrastructure facilities on Engineering, Procurement and Construction (EPC) and Built, Operate and Transfer (BOT) basis.

The companys consolidated net profit fell 25% to Rs 242.72 crore on 2.6% decline in revenue from operation to Rs 2,134.02 crore in Q3 FY24 over Q3 FY23.

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