Home / Financial News / Punj Lloyd up 5% on talk of stake sale in Medanta Medicity

Punj Lloyd up 5% on talk of stake sale in Medanta Medicity

Punj Lloyd is locked in 5% upper circuit at Rs 39.65 on National Stock Exchange on reports that the company is planning to sell its stake in Gurgaon-based multi specialty hospital Medanta Medicity Hospitals to cut its debt.

“Punj Lloyd is planning to sell half of its 17% shareholding in Global Health Private Limited – a company which owns, manages and operates the Gurgaon based hospital for around Rs 300 crore”, the Economic Times report suggests.

Singapore’s state investment company Temasek is negotiating with the company to buy its minority stake in super specialty hospital Medanta Medicity, founded by eminent cardiac surgeon, Dr Naresh Trehan, added report.

Meanwhile, the board of directors of the company is schedule to meet tomorrow on September 03, 2014, to consider private placement of non convertible debentures, subordinated debt instruments and / or other securities, within the overall borrowing limits of the Company, Punj Lloyd said in a statement.

At 1230 hours, a combined 1.42 million shares changed hands and there are pending buy orders for around one million shares on NSE and BSE.
 

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