Ceigall India Limited has informed the Exchange about Considered and authorised execution of Non-binding offer letter received from an Asset Management Company, in connection with the sale of 100% equity stake held in Ceigall Malout Abohar Sadhuwali Highways Private Limited, a step-down subsidiary of the Company.
CEIGALL · price
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Ceigall India's Management Committee has authorized a non-binding offer from an Asset Management Company to buy 100% of Ceigall Malout Abohar Sadhuwali Highways Private Limited, a step-down subsidiary that holds a highway project. The deal is still at a preliminary stage and depends on due diligence, final agreements, and statutory and lender approvals — so it may or may not go through. In a separate decision, the committee approved setting up a new subsidiary called Ceigall Indore Ujjain Greenfield Highway Limited to execute a 48.10 km four-lane highway project in Madhya Pradesh awarded by MPRDC on a Hybrid Annuity Mode (HAM) basis. The new SPV will be held 74% by Ceigall India and 26% by its wholly owned subsidiary Ceigall Infra Projects, with a small initial investment of Rs. 74,000 in share subscription.
The proposed divestment is a step towards asset monetisation — if completed, it will free up capital locked in an existing project. The new SPV adds to the company's project pipeline but is not financially material on its own. Shareholders should watch for the definitive agreement announcement, as the non-binding offer does not guarantee the sale.