Valecha Engineering clarified on news item appearing in the media titled "Valecha Engineering in talks with foreign player to sell stake in 3 road projects."

"The company receives various proposals from both national and international prospective investors, sometimes directly and sometimes through investment bankers for participation in our road projects. This is not uncommon with companies like us who are heavily invested in the road BOT Projects. However, as on date, the company has not entered into any binding contracts with any person either towards stake sale or towards any potential joint ventures. As such, there has been no development which merits a disclosure by the company under Clause 36 of the listing agreement.

We wish to state that we are in full compliance of our obligations under Clause 36 of the listing agreement. As and when there is any development which requires disclosures, we will comply with the disclosures requirements under Clause 36 appropriately".

Shares of the company gained Rs 3.4, or 4.99%, to trade at Rs 71.55. The total volume of shares traded was 3,280 at the BSE (12.47 p.m., Monday).