NCC up 3% on sell of stake by arm in Bangalore Elevated Tollway

Moneycontrol BureauShares of NCC gained more than 3 percent intraday Wednesday as it is going to sell its holding in Bangalore Elevated Tollway.The company's arm NCC Infrastructure Holdings along with Soma Enterprise has executed definitive agreements to sell their respective shareholdings in Bangalore Elevated Tollway to India Infrastructure Fund II, which is managed by IDFC Alternatives.The NCC Infrastructure Holdings and Soma Enterprise hold 38 percent in Bangalore Elevated Tollway (BETL).The transaction is taking place at an enterprise value of approximately Rs 750 crore and is expected to be completed on achieving the conditions precedent agreed between the parties.For the financial year 2014-15, the turnover and networth contribution of BETL in the consolidated accounts  of NCC stood at Rs 28.42 crore (2.95 percent) and Rs 40.93 crore (1.20 percent) respectively, as per BSE release.At 09:37 hrs NCC was quoting at Rs 66.55, up Rs 1.45, or 2.23 percent on the BSE.Posted by Rakesh Patil