G R Infraprojects transfers 100% stake in arm to Indus Infra Trust

G R Infraprojects, the Gurugram-based road construction company, has transferred 100% stake in its subsidiary G R Galgalia Bahadurganj Highway Private Limited (GGBHPL) to Indus Infra Trust, the company informed stock exchanges on Friday, March 28.

"Upon completion of the aforesaid transfer, GGBHPL would cease to be wholly owned subsidiary of the company. GR Galgalia Bahadurganj Highway Private Limited is not a material subsidiary of the company, G R Infraprojects said in a stock exchange filing.

GR Galgalia Bahadurganj Highway Private Limited contributed 5.15% or ₹467 crore towards the consolidated income and added ₹5.63 crore towards the consolidated net worth as on March 31, 2024, G R Infraprojects added.

"Aggregate consideration for sale and transfer of the entire equity share capital of GR Galgalia Bahadurganj Highway Private Limited (the “GGBHPL”), held by the Company and its nominee(s) and assignment of unsecured loan availed by GGBHPL from the Company to Indus Infra Trust would be ₹ 2,255,801,191," the company added.

Following the G R Infraprojects shares were trading 0.2% higher at ₹1,048,90 outperforming the BSE500 index which was trading on a flat note.

G R Infraprojects' net profit in December quarter rose 8.5% to ₹168.59 crore from ₹155.38 crore in the same period last year. Its revenue from operations however declined 17% to ₹1,500.53 crore from ₹1,806.41 crore in the year ago period.

G R Infraprojects promoters own 74.70% stake in the company while 25.30% stake is held by public. Among the prominent public shareholders mutual funds including SBI Large & Midcap Fund, Tata Infrastructure Fund, Nippon Life India Trustee Ltd-A/C, Nippon India SMA, Kotak Mahindra Trustee, Kotak Multicap Fund and HDFC Mutual Fund - HDFC Manufacturing Fund, own 19.91% stake in the company.

Foreign Portfolio Investors own 2.55% stake in the company, data from the BSE showed.

As of 2:21 pm, G RF Infraprojects shares traded 0.30% higher at ₹1,050.25.