Sadbhav Engineering Ltd's subsidiary Sadbhav Infrastructure Project (SIPL) has signed a binding agreement to receive Rs400 crore from Norwest Venture Partners (NVP) and The Xander Group (Xander)-the global investors.
SIPL will use the capital to continue to fund its existing road development projects in India and bid for new road development projects under various national and state highway development programmes, as well as other infrastructure development projects.
On Thursday, Sadbhav Engineering shares gained 3.7% to Rs1,582 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.1% up to 18,454 points.
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