SREI Infrastructure shares locked in upper circuit on investment proposal for subsidiary

SREI Infrastructure Finance share price touched a 52-week high of Rs 14.49 and was locked in 10 percent upper circuit on June 18 after the company received a term sheet from Makara Capital Partners Pte for an investment in a subsidiary.

Srei Equipment Finance Limited (SEFL), material wholly owned subsidiary of SREI Infrastructure, in its release said that, it has received a term sheet from Makara Capital Partners Pte. Ltd., Singapore indicating interest for an investment of around Rs 2,200 crore by way of subscription to equity shares and other securities subject to the terms and conditions contained in the said term sheet.

A strategic coordination committee, chaired by an independent director, would evaluate the offer and make the recommendation to the board, it added. There were pending buy orders of 1,028,516 shares, with no sellers available.

At 1503 hours, SREI Infrastructure Finance was quoting at Rs 14.49, up Rs 1.31, or 9.94 percent on the BSE.