Shares of Srei Infrastructure Finance advanced as much as 18.76 per cent on Tuesday after the company said BNP Paribas leasing unit would acquire a 5 per cent stake in the company in lieu of 50 per cent ownership in an equipment financing joint venture. Srei Infrastructure operates Srei Equipment Finance as a joint venture along with BNP Paribas unit BNP Paribas Lease Group.
At 2.46 pm, shares of Srei Infrastructure Finance were trading nearly 15 per cent up at Rs 59.40. The scrip opened at Rs 52.05 and had touched a high and low of Rs 61.40 and Rs 51.70, respectively, in trade so far. Sensex was up 0.22 per cent at 26,091.
The share price of the company closed 13.35 per cent up at Rs 58.60.
The promoters holding in Srei Infrastructure Finance stood at 58.72 per cent while institutions and non-institutions held 12.88 per cent and 28.40 per cent respectively.
So far, around 39.27 lakh shares of Srei Infrastructure exchanged hands on the BSE as compared with two-week average daily volume of 3.70 lakh shares.
For the quarter ended September 2015, Srei Infra posted a consolidated net profit of Rs 11.50 crore, down 59.03 per cent, against Rs 28.07 crore in the corresponding quarter a year ago.
Srei said the rejig would allow the company to consolidate SEFL’s operations with the parent company, and would give BNP access to a wider infrastructure finance market in India.
Srei Equipment Finance runs a lending business that helps its customers finance purchases of mining and construction equipment as well as provide loans for commercial equipment used in hospitals, data centres and farms.
