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Madhucon Projects has dipped 8% to Rs 34.70 on BSE on reports that the company has signed a term sheet with Tata Realty and Infrastructure Limited (TRIL) to divest 74% equity in the Madhucon Agra-Jaipur Expressways Limited (MAJEL) for about Rs 250 crore.
In a clarification to stock exchange, Madhucon Projects said, “the term sheet signed between Madhucon Infra Limited (subsidiary of Madhucon Projects Limited) and Madhucon Toll Highways Limited (subsidiary of Madhucon Infra Limited) on 22nd December, 2014 stipulate the gross consideration of the road project deal is around Rs 250 crore including NHAI grant of Rs 15 crore for acquisition of 100% equity stake in MAJEL. This is proposed to be in 2 trenches.”
This is only an indicative term sheet subject to due diligence and signing of definitive agreement and acceptance by the parties, it added.
The stock opened at Rs 37.70 and touched a low of Rs 34.15 on BSE. A combined 361,535 shares changed hands on the counter till 1344 hours on BSE and NSE.
In a clarification to stock exchange, Madhucon Projects said, “the term sheet signed between Madhucon Infra Limited (subsidiary of Madhucon Projects Limited) and Madhucon Toll Highways Limited (subsidiary of Madhucon Infra Limited) on 22nd December, 2014 stipulate the gross consideration of the road project deal is around Rs 250 crore including NHAI grant of Rs 15 crore for acquisition of 100% equity stake in MAJEL. This is proposed to be in 2 trenches.”
This is only an indicative term sheet subject to due diligence and signing of definitive agreement and acceptance by the parties, it added.
The stock opened at Rs 37.70 and touched a low of Rs 34.15 on BSE. A combined 361,535 shares changed hands on the counter till 1344 hours on BSE and NSE.
