Reliance Infrastructure Ltd completes stake sale in DA Toll Road to Cube Highways, consolidated debt to reduce by 20%

Reliance Infrastructure Limited (RInfra) has announced the successful completion of the sale of its 100% stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs.3,600 crore.

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.

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.

RInfra has reduced its total debt liabilities by ~20 percent from the deal proceeds.

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.26.85 as compared to the previous close of Rs. 27.6. The total number of shares traded during the day was 238349 in over 1874 trades.

The stock hit an intraday high of Rs. 27.6 and intraday low of 26.6. The net turnover during the day was Rs. 6473540.

Source : Equity Bulls

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