Kridhan Infra, an infrastructure solutions company, with a market cap of Rs.1100 crore rose almost 5% today to Rs.118.80, with some 53k shares changing hands.
The company has completed the acquisition of 31.5% stake in Vijay Nirman Company. It has allotted 76,79,662 Equity Shares to the institutional shareholders of VNC on preferential basis.
After this acquisition the VNC has become an associate company of KIL. The Company had also signed an SSA for increasing its stake to 50.5% and the process is on to complete that transaction.
Vijay Nirman is a pedigreed private construction company with over 35 years of operations. The company has strong technical skill set with a superior leadership team. It has more than 1,600 equipment units to complement its 1,600-1,700-strong staff team. The company has completed over 400 projects and has an exceptional reputation in civil engineering, design and project management skills. The company has a strong order book of over Rs.3,200 crores.
The acquisition provides Kridhan with a strong execution team to complement its superior and unmatched skill set in road and bridge works, foundation engineering, micro-tunnelling, flyovers, landscaping, and others.