NCC Ltd updates on sale of stake in NCC Vizag Urban Infrastructure Ltd

NCC Ltd along with other shareholders of NCC Vizag Urban Infrastructure Limited ("NCCVUL") (Subsidiary Company) have entered into a Share Purchase Agreement(" SPA") with GRPL Housing Private Limited (Gardencity Realty Group, Bangaluru) ("the Acquirer") to sell and transfer their entire shareholding in NCCVUL to the Acquirer, subject to obtaining all applicable regulatory approvals.

Upon completion of the aforesaid transaction in terms of the SPA, the Company shall transfer its entire shareholding in NCCVUL and NCCVUL will cease to be a subsidiary of the Company.

The total consideration money that is payable to NCC is Rs.199.50 Crs and which will be paid in 4 installments. The 1st payment of Rs.47.50 Crs will be on 31.3.2022; Rs.52.25 Crs on 30th Sept 2022; Rs.52.25 Crs on 31st Dec, 2022 and the balance Rs.47.50 Crs on 31st March, 2023.

Shares of NCC Limited was last trading in BSE at Rs. 58.55 as compared to the previous close of Rs. 59.15. The total number of shares traded during the day was 397444 in over 2879 trades.

The stock hit an intraday high of Rs. 59.85 and intraday low of 58.45. The net turnover during the day was Rs. 23441938.00.

Source : Equity Bulls

Keywords

NCC INE868B01028 NCCVizagUrbanInfrastructure SPA GardencityRealtyGroup