SRS Real Infra plunges 6% as firm exit joint venture

The board of directors of the company in its meeting held on April 25, inter alia, have decided to sell its whole shareholding of joint venture company

NEW DELHI: Shares of SRS Real Infrastructure closed 3.92 per cent in Tuesday’s trade after the company informed the stock exchanges that it had decided to sell its entire shareholding in joint venture SRS Lotus Projects for a consideration of Rs 50 lakh .

In a regulatory filing to BSE, “The company said the board of directors of the company in its meeting held on April 25, inter alia, have decided to sell its whole shareholding of joint venture company, M/s SRS Lotus Projects, for a consideration of Rs 50 lakh.”

The company plans to complete of sale procedure by April 30. No transaction falls under related party transactions, the company said. “As a result of the aforesaid sale, SRS Lotus Projects would cease to be joint venture company, the company added.

The stock slipped 5.96 per cent to hit a low of Rs 11.50 on BSE.

Source: http://realty.economictimes.indiatimes.com/news/infrastructure/srs-real-infra-plunges-6-as-firm-exit-joint-venture/51994919

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