HCC Group closed its sale of Baharampore-Farakka Highways Limited ("BFHL") to Cube Highways and Infrastructure V Pte ltd ("Cube") at an enterprise valuation of Rs.1,323 cr, which includes SPV debt of Rs.646 cr.
HCC Group is to receive a total of Rs.941 cr which includes upfront amount of Rs.677 cr and Rs.264 cr payable by Q3 FY24 and 01 FY25 in two tranches, contingent on traffic projections. Additionally, as part of the agreement with Cube, HCC will be entitled to a revenue share from BFHL over the entire concession period, which is material in nature.
On the occasion, Arjun Dhawan, Vice Chairman, HCC said "HCC is proud to have developed the backbone of West Bengal's arterial highway on NH-12. Our concessions portfolio has been a value generator for the group and this asset sale underscores the material liquidity contribution toward our operations and growth."
The legal and financial advisors for this transaction were Cyril Amarchand Mangaldas and Edelweiss Financial Services ltd respectively.
Shares of Hindustan Construction Company Limited was last trading in BSE at Rs. 12.77 as compared to the previous close of Rs. 13.45. The total number of shares traded during the day was 7217015 in over 4518 trades.
The stock hit an intraday high of Rs. 13.53 and intraday low of 12.50. The net turnover during the day was Rs. 93119494.00.