Pursuant to the execution of definitive agreements amongst, Sadbhav Infrastructure Project Limited ("SIPL") and the Indinfravit Trust regarding sale of the entire equity share capital held by SIPL (directly and through its nominees, at the time of closing) in 9 (nine) special purpose vehicles (collectively as "Asset Portfolio"), comprising (i) 7 (seven) toll-road infrastructure assets, namely Aurangabad-Jalna Toll Way Limited, Ahmedabad Ring Road Infrastructure Limited, Bijapur - Hungund Tollway Private Limited, BhilwaraRajsamand Tollway Private Limited, Dhule Palesner Tollway Limited, Hyderabad-Yadgiri Tollway Private Limited and Shreenathji-Udaipur Tollway Private Limited, and (ii) 2 (two) annuity infrastructure assets, namely Mysore-Bellary Highway Private Limited and Nagpur-Seoni Express Way Limited.
The board of directors of the Investment Manager of the Indlnfravit Trust has, on January 7, 2020, approved the preferential issue of (a) up to 18,88,49,541 units at a price of INR 116.75 per unit to certain investors so as to raise up to Rs. 2204.82 crores, and (b) up to 6,20,94,394 units at a price of INR 116.75 per unit to SIPL, for consideration other than cash, subject to the approval of the unitholders of the Indlnfravit Trust, on such terms and conditions as may be determined by the board of directors of the Investment Manager of the Indinfravit Trust in accordance with Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ("InvIT Regulations"), SEBI Circular No. SEBI / HO / DDHS / DDHS / CIR / P / 2019 / 143 dated November 27, 2019 and other applicable law.
Further, the board of directors of the Investment Manager of the Indinfravit Trust has also approved the proposal to seek the approval of the unitholders of the Indinfravit Trust by way of postal ballot as permitted under Regulation 22(2)(b) of Inv IT Regulations, in connection with the aforesaid preferential issue, the result of which is proposed to be declared on January 31, 2020.
The Company currently expects to receive the stake sale proceeds in respect of certain road projects of the Asset Portfolio soon after the declaration of the results of unitholders meeting on January 31, 2020, subject to the approval of the unitholders of the Indinfravit Trust, satisfaction of the applicable terms and conditions of the relevant definitive agreements and compliance with applicable law.
Shares of Sadbhav Infrastructure Project Ltd was last trading in BSE at Rs.39 as compared to the previous close of Rs. 40.25. The total number of shares traded during the day was 853 in over 19 trades.
The stock hit an intraday high of Rs. 40.1 and intraday low of 38. The net turnover during the day was Rs. 32947.