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Dilip Buildcon Ltd. (DBL) on Wednesday announced that it has sold its remaining stake in subsidiary DBL Sangli Borgaon Highways Ltd. for Rs 46.15 crore.

The company said that it transferred the remaining 51 percent equity shareholding in its wholly owned subsidiary DBL Sangli Borgaon Highways to infrastructure investment trust Shrem lnvlT on November 29.

DBL Sangli Borgaon Highways is a special purpose vehicle (SPV) that was incorporated and owned by DBL. It had entered into a 17-year concession agreement with the National Highways Authority of India (NHAI) for the design, build, operation, and transfer (DBOT) of 41.444 km road in Maharashtra (four-laning of Sangli-Solapur section of NH-166) on a hybrid annuity basis.

DBL Sangli Borgaon Highways recorded a turnover of Rs 203.90 crore in 2021-22, contributing 2.13 percent to DBL’s total turnover during the fiscal year.

Notably, DBL entered into the sale agreement with Shrem lnvlT on March 4, 2022. The actual completion date of the transaction was November 29.

The Dilip Buildcon stock has fallen by 52 percent in the last year compared to a nearly 9.5 percent rise in the benchmark Sensex.

During the September quarter, Dilip Buildcon recorded net sales of Rs 2,595.79 crore, up 17 percent from Rs 2,219 crore in the year-ago quarter.

In a post-earnings note, brokerage firm HDFC Securities said that it was maintaining a ‘buy’ on the Dilip Builcon stock with a target price of Rs 340 per share.

Shares of Dilip Buildcon are trading at Rs 235.25, down 0.51 percent.

(Edited by : Rukmani Krishna)