Heard on the Street: Patel Engineering gains on buzz promoters may sell stake

Market talk that promoters of Mumbai-headquartered Patel Engineering may be selling stake in the company lifted its shares by 4.5% to 116 on Monday. Brokers said that Patel Engineering's promoters had offers from strategic as well as financial investors in the range of 160-220 for every share.

While Patel Engineering promoters did not respond to ET's query, a company spokesperson said, "Promoters of the company are not in talks to sell stake at this stage." An industry source said that the company may be looking at selling stake in some of its special purpose vehicles which are executing its projects. Patel Engineering is a developer and contractor of infrastructure projects.

(Contributed by Rachita Prasad)