Reliance Infrastructure share price gained 3 percent in the morning session on January 1 after the company completed sale of Delhi-Agra toll road to Cube Highways.
Reliance Infrastructure Limited announced the successful completion of the sale of its 100 percent stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs 3,600 crore, the company said in an exchange filing.
"The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III Pte Ltd and has now been completed with transfer of shares of the DA Toll Road Private Limited and receipt of sale consideration," it said.
Cube Highways and Infrastructure III Pte Ltd. is a Singapore-based company formed by Global Infrastructure Fund – I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
The total transaction value is over Rs 3,600 crore. The entire sale proceeds are being utilized for debt reduction. Reliance Infra has reduced its total debt liabilities by ~20 percent from the deal proceeds, the company added.The stock was trading at Rs 27.65, up Rs 0.80, or 2.98 percent at 09:28 hours. It has touched an intraday high of Rs 28.15 and an intraday low of Rs 26.85.