Discussing the details of the deal, Kishor Kumar Mohanty, MD, Gammon Infrastructure, said it makes an investment sense for both parties as Sadbhav was a minority stakeholder.
Gammon Infra is set to acquire Sadbhav Engineering 's 20 percent stake in Mumbai-Nasik Expressway for Rs 72 crore. The company already owns the majority 80 percent in the BOT project.
Discussing the details of the deal, Kishor Kumar Mohanty, MD, Gammon Infrastructure, said it makes an investment sense for both parties as Sadbhav was a minority stakeholder.
"As far as funding is concerned, it will be mostly through internal accruals but our monetization option in different operational projects is possible," Mohanty said, adding that the company is also on the verge of completing three more projects in the next couple of months, which will give it a little headroom for "financial manoeuvring".
Below is the transcript of Kishor Kumar Mohanty's interview with Sonia Shenoy & Reema Tendulkar on CNBC-TV18.
Reema: What prompted this move and how will you be funding it?
A: It makes an investment sense for both the parties because they were minority stakeholder and we are the majority stakeholder with 80 percent. Therefore, minority stakeholder merging with majority stakeholder – will be a value up gradation for us, so it will give us arbitrage of economic value in the project and that's the primary reason for which we have taken. This is operational project, marquee project. In last two months' time the traffic is already showing a positive sign, so it makes sense for us.
As far as funding is concerned, mostly it will be from the internal accruals but our monetisation options in different operational projects are possible. We are also on the verge of completing three more projects in the next couple of months' time and that will give us a little headroom for financial manoeuvring.
Gammon Infra stock price
On January 28, 2015, at 14:09 hrs Gammon Infrastructure Projects was quoting at Rs 15.45, up Rs 0.25, or 1.64 percent. The 52-week high of the share was Rs 20.85 and the 52-week low was Rs 6.60.
The latest book value of the company is Rs 7.16 per share. At current value, the price-to-book value of the company was 2.16.
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