Kalpataru Projects To Sell Vindhyachal Expressway For Rs 775 Crore

Kalpataru Projects International Ltd. has agreed to sell its 100% stake in Vindhyachal Expressway to Actis Atlantic Holdings for Rs 775 crore.

The completion of the sale is expected in 15 months from the date of signing the pact and is subject to necessary approvals, the civil construction company said in an exchange filing on Wednesday.

KPIL is one of the largest specialised EPC companies engaged in power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, among others.

The infrastructure major late last month said that it has cumulatively bagged orders worth Rs 1,241 crore from the Indian and overseas markets.

Kalpataru share price rose as much as 3.08% during the day to Rs 1,364.3 apiece on the NSE. It was trading 0.11% higher at Rs 1,324.9 apiece, compared to a 0.31% advance in the benchmark Nifty 50 as of 1:37 a.m.

The stock has risen 108% during the last 12 months and has advanced by 86% on a year-to-date basis. The relative strength index was at 47.

Fourteen out of the 17 analysts tracking the company have a 'buy' rating on the stock, two suggest a 'hold' and one has a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 12.5%.