Simplex Projects shares hit 20 per cent upper circuit on Friday after it said it has sold 51.21 per cent stake in its arm Simpark Infrastructure, proceeds of which will be utilised for business purposes. The share price of the company closed 19.96 per cent up at Rs 28.85. The scrip opened at Rs 26 and touched a high and low of Rs 28.85 and Rs 25.50, respectively, in trade. The company, however, did not give any financial details of the deal. "The Board of Directors of the company at its meeting held on March 28, 2016, had decided to sell its investment in the wholly-owned subsidiary, Simpark Infrastructure. Accordingly, 16,31,400 shares (51.21 per cent) have been sold on March 31," the company said in a BSE filing. Simpark Infrastructure is a wholly-owned subsidiary of Simplex Projects. In the past one year, the share price of Simplex Projects plummeted 39 per cent to Rs 24.05 on April 7, whereas BSE Sensex dipped 13.43 per cent during the same period. For the quarter ended December 2015, Simplex Projects reported a consolidated net loss of Rs 17.33 crore, down 301.41 per cent, against net loss of Rs 4.32 crore in the same quarter last year. The promoters holding in Simplex Projects stood at 56.21 per cent while institutions and non-institutions held 0.02 per cent and 43.77 per cent respectively. Simplex Projects is an India-based construction and engineering company. The company is engaged in engineering and construction activities in India and across the world. The company focuses on construction of bridges for railways, industrial projects, urban infrastructure and automated parking projects.