Approval for sale of company`s entire stake in ACP Tollways Pvt Ltd
PATELENG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Patel Engineering's board has approved the sale of its entire stake (84,95,040 equity shares) in associate company ACP Tollways Pvt Ltd. The transaction is valued at Rs. 55 crore, which is significantly higher than the carrying value of Rs. 26.03 crore in the company's books. The associate contributed Rs. 18.84 crore to consolidated profits (7.78%) but had nil turnover. The sale is pending lender approvals of the associate company and is expected to complete by March 31, 2027. The buyer is not related to the promoter group.
The divestment will result in a book gain of approximately Rs. 29 crore and reduce profit contribution by 7.78%, but provides cash infusion that could strengthen the balance sheet or fund operations.