On December 5, shares of Hindustan Construction Company (HCC) exhibited a substantial 6% gain on the NSE at the market open, a direct response to the news that Steiner AG, Switzerland—a material subsidiary of HCC—has initiated a share purchase agreement for the complete divestment of its equity. By 9:20 am, the stock was actively trading at Rs 31.40.
As per the regulatory filing, Steiner AG, Switzerland, has entered into a share purchase agreement with Demathieu Bard, a France-based company, for the divestment of its entire equity interest in Steiner Construction SA, Switzerland. This entity is a step-down material subsidiary of HCC, and the divestment is valued at Rs 928 crore. Additionally, HCC Infrastructure Company, a subsidiary of HCC, received Rs 110 crore as earn-out money from Cube Highways and Infrastructure V Pte Ltd for the stake sale in Baharampore-Farakka Highways (BFHL).
As of 1:53 pm, the shares were trading 5.22% higher at ₹31.25.
