Simplex Projects said that 51.21 percent stake in its arm Simpark Infrastructure has been sold by it and the proceeds of that will be utilized for business purposes.

However, the financial details of the deal has not been provided by the company.

The company has said in a BSE filing that “The Board of Directors of the company at its meeting held on March 28, 2016, had decided to sell its investment in the wholly-owned subsidiary, Simpark Infrastructure… Accordingly, 16,31,400 shares (51.21 percent) have been sold.”

Read EquityPandit’s Technical Analysis of Indian Stock Market