Gammon Infra will pay back the share application money shelled out by Simplex.
Kolkata-based infrastructure and construction company Simplex Infrastructures Ltd has agreed to acquire remaining 49 per cent equity stake in special purpose vehicle Maa Durga Expressways Pvt Ltd (MDEPL) for about Rs 4.9 crore from Gammon Infrastructure Projects Ltd (GIPL), according to a stock market disclosure.
At present, Simplex Infrastructures owns 51 per cent equity stake in MDEPL through its subsidiary Simplex Infra Development Ltd (SIDL).
The transaction will be carried out in one or more tranches, pursuant to the termination agreement between MDEPL, GIPL and the company.
Vijayawada Gundugolanu Road Project Pvt, a subsidiary of GIPL, will refund the entire share application money of Rs 4.9 crore paid by SIDL.
Simplex Infrastructures (formerly Simplex Concrete Piles India Ltd) is an infrastructure and construction company. Its services include construction of ground engineering, industrial plants, power plants, urban infrastructure, building and housing, marine structures, roads, railways and bridges.
The firm also undertakes construction of water, waste and sewerage treatment plants, pipelines and metro rail.