Patel Engineering surges on executing Share Purchase agreement with India Grid Trust

Patel Engineering is currently trading at Rs. 23.95, up by 0.70 points or 3.01% from its previous closing of Rs. 23.25 on the BSE.

The scrip opened at Rs. 23.15 and has touched a high and low of Rs. 24.25 and Rs. 23.15 respectively. So far 96866 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 34.95 on 30-Dec-2021 and a 52 week low of Rs. 13.82 on 05-Aug-2021.

Patel Engineering
Patel Engineering

Last one week high and low of the scrip stood at Rs. 24.40 and Rs. 22.00 respectively. The current market cap of the company is Rs. 1207.66 crore.

The promoters holding in the company stood at 54.62%, while Institutions and Non-Institutions held 15.40% and 29.99% respectively.

Patel Engineering has executed a Share Purchase Agreement dated July 30, 2022, with inter alia India Grid Trust (the purchaser), for sale of company’s entire shareholding in Raichur Sholapur Transmission Company (RSTCPL). RSTCPL is an associate of the company and the company holds 33.34% equity stake in RSTCPL.

The proposed sale of shares of RSTCPL to India Grid Trust is subject to applicable regulatory and other approvals and certain conditions, more specifically laid down in the Share Purchase Agreement.

Patel Engineering provides a wide range of civil engineering services involved in design and construction of power projects, hydroelectric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.

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