Punj Lloyd rises on buzz of plan to sell stake in Medanta Medicity

Punj Lloyd rises on buzz of plan to sell stake in Medanta Medicity

Sep 02,2014   03:16 Hrs IST

Punj Lloyd is currently trading at Rs 39.70, up by 1.85 points or 4.89% from its previous closing of Rs 37.85 on the BSE. The scrip opened at Rs 39.70 and has touched a high and low of Rs 39.70 and Rs 38.80 respectively. So far 435653 shares were traded on the counter. The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 60.85 on 19-Jun-2014 and a 52 week low of Rs 20.25 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs 39.25 and Rs 36.40 respectively. The current market cap of the company is Rs 1318.42 crore. The promoters holding in the company stood at 37.16% while Institutions and Non-Institutions held 14.20% and 48.64% respectively. In a bid to cut its debt, Punj Lloyd is reportedly planning to sell its stake in Gurgaon-based multi specialty hospital Medanta Medicity Hospitals. The company will sell half of its 17% shareholding in Global Health, a company which owns, manages and operates the Gurgaon based hospital for around Rs 300 crore. Moreover, Singapore’s state investment company - Temasek -- is negotiating with the company to buy its minority stake in super specialty hospital -- Medanta Medicity. Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.