HCC gains 6% after subsidiary inks share purchase deal with Steiner AG

HCC Infrastructure Company, a subsidiary of the company also received Rs 110 crore as an earn out money from Cube Highways and Infrastructure V Pte Ltd, for stake sale in Baharampore-Farakka Highways (BFHL).

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Shares of Hindustan Construction Company gained 6 percent on the NSE at the open on December 5, a day after Steiner AG, Switzerland, a material subsidiary of the company, entered into a share purchase agreement for divestment of its entire equity. At 9:20am, the stock was trading at Rs 31.40.

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According to the regulatory filing, Steiner AG, Switzerland, the material subsidiary of HCC has entered into a share purchase agreement with Demathieu Bard, a company headquartered in France, for divestment of its entire equity interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the company, for Rs 928 crore. Additionally, HCC Infrastructure Company, a subsidiary of the company, received Rs 110 crore as an earn-out money from Cube Highways and Infrastructure V Pte Ltd, for stake sale in Baharampore-Farakka Highways (BFHL).

In Q2FY24, Hindustan Construction Company (HCC) reported a 97.95 percent decline in consolidated net profit to Rs 6.33 crore for the September quarter from Rs 310.29 crore a year ago. Consolidated income of the company during the July-September period fell to Rs 1,870.70 crore, from Rs 2,273.39 crore in the previous fiscal.

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