Jyoti Structures rallies over 6% on stake sale reports

NEW DELHI: Shares of Jyoti Structures rose as much as 6.3 per cent in the first 30 minutes of trade on Tuesday after media reports suggested that infrastructure company KEC International was planning to buy a controlling stake in the company.

Jyoti Structures' deal with Dubai-based Amin Group is progressing at a slow pace. Lenders may now look at a second option if the deal with Amin falls through, two people familiar with the matter told ET.

At 09:40 AM, Jyoti Structures shares were trading 5.5 per cent higher at Rs 12.80. They hit a low of Rs 12.60 and a high of Rs 12.90 in the first 30 minutes of trade.

The Mumbai-based power transmission EPC ( engineering, procurement and construction) service provider, Jyoti Structures has been negotiating to sell a controlling stake to Amin Group for six months.

While Jyoti Structures did not respond to ET's email, KEC International said that it was open to evaluating merger opportunities.

"As a company focused on growth and delivering superior shareholder returns, we evaluate various merger & acquisition opportunities from time to time," said Vimal Kejriwal, managing director, KEC International in an email reply."However, as a policy, we do not comment on market speculations."