Shares of Hindustan Construction Company hit a fresh 52-week high today amid a share purchase agreement with Demathieu Bard. Steiner AG, Switzerland a material subsidiary of the company has entered into a Share Purchase Agreement with Demathieu Bard, a company headquartered in France for divestment of its entire equity interest in Steiner Construction SA, Switzerland a step-down material subsidiary of the company. Accordingly, Steiner Construction SA will cease to be a subsidiary of Steiner AG, Switzerland and the company, on completion of sale/disposal.
In the last financial year, a unit or division of the listed entity contributed significantly to the company’s performance. With a turnover of CHF 308 million equivalent to Rs 2,731 crore and a net worth of CHF 32 million or Rs 286 crore.
The consideration received from this transaction amounted to CHF 98 million or Rs 928 crore, covering liabilities and deferred payments. The buyer, Demathieu Bard a prominent French construction and real estate company established in 1861, isn’t affiliated with the promoter or group companies. Engaged in building engineering structures, roads, energy delivery, and creating living spaces, Demathieu Bard has long supported the development of cities, focusing on improving the quality of life for French inhabitants.
Today, it opened at Rs 30.55 and closed at Rs 31.70, up by 6.77%. The shares of the company hit a 52-week high at Rs 32.42 while its 52-week low stands at Rs 12.50. The company currently boasts a market capitalization of approximately Rs 4,800 crore. Over the past six months shares of the company have given a staggering return of 68.89%, in the same time frame BSE Industrial has changed by 39.66%.
Hindustan Construction Company is principally engaged in the business of providing engineering and construction services, real estate, infrastructure and urban development and management. It is one of the oldest infrastructure companies in India founded in 1926. Hindustan Construction Company is a leader in the engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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