Punj Lloyd builds up

Punj Lloyd is doing well today morning. The stock is currently up 3% at Rs.30.50 and volumes are at around 6 lakh shares in the morning.

The stock is up after the company stated that its Singapore based wholly owned subsidiary  Punj Lloyd Pte, has sold its entire shareholding in Dubai based Olive Group Capital, comprising 27.78% of its capital, for a total consideration of $20 million for a mix of initial and deferred consideration. The company has stated in its Release that the deferred payout is about $11 million, which "shall be received with interest thereon."  Punj Lloyd Group had invested about $14 million in Olive Group.

There is also news that the company aims to raise about Rs 650 crore from asset sales and another Rs 700-800 crore from listing of Sembawang Engineers and Constructors Pte Ltd on the Singapore Stock Exchange in 2014.