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Dilip Buildcon shines on getting nod to divest stake in 5 wholly owned subsidiaries

Dilip Buildcon is currently trading at Rs. 372.00, up by 15.15 points or 4.25% from its previous closing of Rs. 356.85 on the BSE.

The scrip opened at Rs. 362.15 and has touched a high and low of Rs. 379.25 and Rs. 358.30 respectively. So far 28448 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 858.40 on 27-Aug-2018 and a 52 week low of Rs. 311.55 on 05-Feb-2019.

Last one week high and low of the scrip stood at Rs. 406.90 and Rs. 317.00 respectively. The current market cap of the company is Rs. 5051.59 crore.

The promoters holding in the company stood at 75.63%, while Institutions and Non-Institutions held 14.62% and 9.75% respectively.

Dilip Buildcon has received an approval for divestment either partly or wholly the equity stake of the Company in 5 BOT (HAM projects) namely DBL Mangloor Highways, DBL Sangli Borgaon Highways, DBL Borgaon Watambare Highways, DBL Mangalweda Solapur Highways and DBL Chandikhole Bhadrak Highways, wholly owned subsidiaries of the company (formed in the nature of Special Purpose Vehicles (SPVs)) to one or more potential investors (the Investor) and/or dilution of shareholding percentage in the SPVs in such a manner that the company may cease to exercise control over the said SPVs including further issue of share capital/OCD to the Investor by the said SPVs, in a phased manner over a period of time.

The Board of the company at its meeting held on August 26, 2019, approved the same.

Dilip Buildcon’s core business is undertaking construction projects across India in the roads and irrigation sectors. They specialize in constructing state and national highways, city roads, culverts and bridges.

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