Dilip Buildcon and its arm DIAPL to transfer equity shares to Shrem InvIT

24 Jan 2022 , 02:47 PM

Dilip Buildcon Limited (DBL) along with its wholly-owned subsidiary DBL Infra Assets Pvt Limited (DIAPL) have executed a non-binding Term Sheet, with Shrem InvIT for transferring their invested Equity in a portfolio of ten Hybrid Annuity Model (HAM) projects comprising of three completed and seven nearing completion projects.

Equity transfer to Shrem InvIT shall be completed in a progressive manner after the completion of the projects, subject to receipt of approvals from the respective project lenders and NHAI.

The total Equity valuation of said ten project is expected around Rs2349cr against the required Equity investment of Rs1501cr. Besides this, there shall be reduction in consolidated debt of the Company by Rs4218cr upon consummation of the transaction.

The Company along with DIAPL are in process of execution of the definitive agreements with Shrem InvlT to consummate the transaction. The above valuation may undergo change based upon outcome of final due diligence and on account of prevailing Bank Rate, outstanding actual debt, inflation adjusted balance completion cost etc, of each of the projects on the transfer date.

Further, as per Company’s Code of conduct of Prevention of insider trading and pursuant to Securities and Exchange Board of India [Prohibition of Insider Trading] Regulations, 2015 as amended from time to time, the trading window for dealing in the securities of the Company for all insiders, designated persons and their immediate relatives, connected persons, fiduciaries and intermediaries is already closed from the end of quarter till 48 hours after the declaration of financial results of the Company for the quarter ended December 31, 2021.

At around 2.50 pm, Dilip Buildcon Ltd was trading at Rs350.20 per share down by Rs9.15 or 2.55% from its previous closing of Rs359.35 per share on the BSE.