Share price of this infra stock moved down by nearly 3.94% to Rs. 1,172.1 in the morning trading session of March 6th, compared to its previous close of Rs. 1,220.2, after the company’s promoters announced to sell up to a 5 percent equity stake in the company.
With a market capitalisation of Rs. 11,559.6 crores, at 11:40 a.m. the shares of G R Infraprojects Limited were trading in the red at Rs. 1,181.6, down by 3.16 percent.
In the last one year, the company has delivered positive returns of about 17.88 percent and nearly 4.26 percent of positive returns, so far in 2024. However, it has given nearly 8.08 percent of negative returns in the last six months.
According to recent regulatory filings with the stock exchanges, the members of promoter and promoter group of the company proposed to sell the Equity Shares of G R Infraprojects Ltd. in the open market.
Up to 5% of the company’s total paid-up equity share capital, aggregating to 48,34,450 equity shares, were proposed to be divested.
The promoters who proposed to divest their shareholding are Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, and Kiran Agarwal. The intention behind selling the equity shares is to achieve the minimum public shareholding.
As of December 2023, Laxmi Devi Agarwal owns around 20.14 lakh of equity shares, or 2.08 percent of the equity stake in G R Infra.
About 20.13 lakh of equity shares, representing 2.08 percent of the equity stake in the company are held by Suman Agarwal, while around 19.61 lakh of equity shares, or 2.03 percent, are held by Ritu Agarwal.
While Lalita Agarwal holds nearly 19.01 lakh of equity shares, representing 1.97 percent of the equity stake, Kiran Agarwal holds approximately 20.78 lakh of equity shares, or 2.15 percent of the equity stake in G R Infra.
With SBI Large & Midcap Fund holding 6.79%, UTI Large & Midcap Fund holding 1.25%, Kotak Smallcap Fund holding 1.49%, DSP MF holding 1.16%, and ICICI Prudential MF holding 2.09%, India’s Mutual Funds owns a total of 15.56% of the equity stake in the company.
The time frame for the entire divestment process is given as one month, starting on March 7th or the actual date of completion of the sale of all
Equity Shares, in one or more tranches, according to the filings.
As of 5th March 2024, the aggregate promoter and promoter group is 79.74% of the company’s total paid-up equity share capital.
In terms of financials, the company’s revenue from operations grew by 13.32% from Rs. 1,883 crores in Q2 FY23-24 to Rs. 2,134 crore in Q3 FY23-24, accompanied by an increase in the net profit of nearly 12% from Rs. 217 crore in Q2 FY23-24 to Rs. 243 crore in Q3 FY23-24.
The primary business operations of G R Infraprojects Limited are segmented into four categories, that is, EPC and Project Management services, development, operations and maintenance, manufacturing activities, and fabrication of galvanized metal crash barriers and OHE Mast.
Incorporated in 1995, the company mainly undertakes civil construction projects under the EPC and BOT (Build Operate Transfer) basis in the road sector.
Written by Shivani Singh
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