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Patel Engineering Divests 32% Stake in ACP Tollways for ₹55 Crore; Vijay Kedia Holds 1.01% Stake
Patel Engineering Limited has sold a 32% stake in its subsidiary, ACP Tollways Private Limited, for ₹55 crore. This divestiture was made to APCO Infratech Private Limited and other buyers, which may impact the company's shares.
There is an engineering firm in which one of the Indian investors, Vijay Kedia, has invested in a major way; this company has disposed of 32% of its subsidiary shareholding. This could affect the shares of the company on Monday; the next big question is who has disposed of the stake in its subsidiary.
The company referred to herein is Patel Engineering Limited. The infrastructure firm has opted to divest all the stake it had in its subsidiary, ACP Tollways Private Limited. The company has told the stock exchange that the process of divestment has been successful.
Patel Engineering has divested 84,95,040 equity shares in ACP Tollways that represent 32% of the total paid-up share capital of the company. The shares are valued at ₹100 each; the entire stake has been divested for ₹55 crore.
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