Punj Lloyd in the green

Punj Lloyd is doing very well today morning. The stock opened higher at Rs.38.15 going up to Rs.39 and it remains almost 4% higher over yesterday’s close.

The stock is up as the much awaited stake sale in Medanta seems to be coming to a closure. Punj Lloyd is selling its stake in Global Health Pvt Ltd, which owns and runs Gurgaon-based multi speciality hospital Medanta- The Medicity, and expects the same to be completed by the end of this month.

The talk of stake sale in Medanta has been doing the rounds for the past one year.  Punj Lloyd holds around 17 per cent in Medanta and as per valuation of the firm in the last transaction struck in 2013, this is valued at a little over $100 million.

Medanta is co-promoted by Sunil Sachdev and Naresh Trehan who jointly hold nearly 54 per cent stake in the hospital. The hospital has a capacity of 1,250 beds and over 350 critical care beds and 45 operation theatres.

Once this stake sale goes through, Punj Lloyd will use the money raised to repay some of its Rs.6000 crore worth debts.