Corporate News     25-May-23
Patel Engineering update on monetization of investments and non-core assets
Sells 41% stake in subsidiary Michigan Engineers
Patel Engineering has executed a Share Purchase Agreement dated 25 May 2023, with inter alia Authum Investment and Infrastructure Limited (the purchaser), to sell and transfer 41.01% of its equity stake from out of 51% in its subsidiary viz. Michigan Engineers (MEPL) and have also completed the transfer of such shares today.

Further, with this the Company shall also reduce its Corporate Guarantees for facilities taken by MEPL from its lenders of Rs.176 crore.

Hence, MEPL cease to be subsidiary of the Company.

Previous News
  Patel Engineering reports consolidated net profit of Rs 41.34 crore in the June 2022 quarter
 ( Results - Announcements 08-Aug-22   16:22 )
  Patel Engg JV bags LoA for Rs 525-cr order
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  Patel Engineering reports consolidated net loss of Rs 0.45 crore in the June 2021 quarter
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