Dilip Buildcon completes transfer of remaining 51% stake in DBL Borgaon; stock slides ~1%

17 Jun 2022 , 12:59 PM

Dilip Buildcon Limited has informed that it has transferred its remaining 51% equity stake in its subsidiary company namely, DBL Borgaon Watambare Highways Private Limited.

This transfer has been made to Cube Highways and infrastructure III Pte. Ltd. for a consideration of Rs42.12 crore.

According to the Eansaction structure, the 100% stake transfer of the Company in the aforementioned SPV was to be completed in two stages, the first of which was the transfer of 49% equity stake on December 31, 2021, and the second stage of transfer for remaining 51% equity shares has now been completed.

The Company had invested an aggregate amount of Rs109.87 crore (in form of equity share capital & subordinate loans in aforesaid SPV) against which till December 2021 the Company received from the Purchaser Rs38.97 crore towards the transfer of 49% equity stake and Rs60.07 crore towards repayment of subordinate loans provided by the Company to said SPV.

Further, the Company has now received Rs42.12 crore from the Purchaser against the transfer of the remaining 51% equity stake of the said SPV, as per the terms of the Share Purchase Agreement signed with the Purchaser.

At around 1.03 PM, Dilip Buildcon was trading at Rs203.10 down by Rs2.05 or 1% from its previous closing of Rs205.15 on the BSE. The scrip touched intraday high and low of Rs208 and Rs201.35 respectively.