Om Infra buys additional 2.28% stake in JV Bhilwara Jaipur Toll; stock surges ~3%

Om Infra Limited has acquired an additional 2.28% shareholding of Bhilwara Jaipur Toll Road Private Limited by way of allotment through the conversion of loan into equity.

Prior to the acquisition, Bhilwara Jaipur Toll Road was a joint venture of the company, and post-acquisition it has become a subsidiary of the company.

The company has allotted 3,22,580 shares at a face value of Rs10 and a premium of Rs145 per share aggregating to Rs5 crore.

After the allotment of 3,22,580 shares, the company’s shareholding will be 51.28%, making it a subsidiary of the company.

The primary goal of the company is to develop a two-lane road from Jaipur to Bhilwara, as well as to provide supervision and consultancy services for all types of infrastructure development projects.

At around 1.17 PM, Om Infra was trading 3.16% higher at Rs37.55, against previous close of Rs36.40 on NSE. It touched intraday high and low of Rs37.95 and Rs36 respectively.

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