Construction firm Dilip Buildcon today said it has entered into a pact with Chhatwal Group Trust (Shrem Group) to sell its 24 subsidiaries, having a total project value of Rs 10,500 crore. The highways builder is expected to get Rs 1,600 crore through the transaction. The company has signed a “term sheet with Chhatwal Group Trust (Shrem Group) for divestment by way of sale, transfer or disposal of 24 subsidiaries of the company with a total project value of Rs 10,500 crore (approx),” it said in a filing to the BSE. The company said the agreement for divestment of special purpose vehicles (SPVs) was signed today. It said the sale is for 14 operational projects, 4 under construction projects and 6 HAM (hybrid, annuity, mode) projects, which are at different stages of under construction and pre construction.
The company, on June 30, 2017, had said it has already invested (in the form of equity & sub debt) an amount of Rs 453.72 crore in 14 operational projects, while an amount of Rs 12.57 crore is yet to be invested in these projects. Similarly, the builder has invested Rs 221.91 crore in 4 under construction projects, while an amount of Rs 95.96 crore is yet to be invested in these projects. Finally, the company has invested Rs 6.36 crore in 6 HAM projects, while an amount of Rs 733.08 crore is yet to be invested in these projects, the filing said. “So to sum up, the total amount already invested (in the form of equity & sub debt) by the company as on June 30 is Rs 681.99 crore, while an amount of Rs 841.61 crore is yet to be invested against which company is expecting to receive a total of Rs 1,600 crore (approx) through this transaction,” the filing said. The shares of the company closed at Rs 593 apiece on the BSE, up 2.61 per cent from the previous close.