Madhucon Projects volume jumps

Madhucon Projects is showing some tremendous surge in volumes today morning. From a 2-week average of some 7600 shares, 75,000 shares have changed hands today in the morning session alone. Intra day, the stock went up 9% to Rs.57.80.

The company announced yesterday after market hours that it has successfully completed the Strategic sale of its majority stake (74%) in Madhucon Agra - Jaipur Expressways (MAJEL) to Cube Highways and Infrastructure Pte, (formerly known as ISQ Asia Infrastructure I-A Pte). Cube Highways has initially emerged as the successful bidder in buying majority stake in MAJEL which also attracted strong interest from several major investors in India and abroad.

Madhucon has signed this deal for Rs.248 crore with a stake transfer of 74%. Disinvestment of the stake has assisted Madhucon Group to pare down its debt by Rs 212 crore. This is the first major Strategic sale in Madhucon’s Highway portfolio.