Reliance Infrastructure falls practically 4% put up whole stake sale in subsidiary – Moneycontrol.com
Final Up to date : Mar 14, 2019 03:05 PM IST | Supply: Moneycontrol.com
Reliance Infrastructure will make the most of the proceeds of this transaction totally to cut back its debt, firm mentioned.
Shares of Reliance Infrastructure slipped practically Four % intraday March 14 after the firm signed an settlement to sale whole stake in its subsidiary firm.
In its BSE launch Reliance Infrastructure introduced the signing of definitive binding settlement with Dice Highways and Infrastructure III Pte for the sale of its 100 % stake in Delhi-Agra (DA) Toll Highway (DATRPL).
The entire deal enterprise worth is over Rs 3,600 crore and as well as, NHAI claims of Rs 1,200 crore to be filed by DA Toll Highway will move on to Reliance Infrastructure.
The transaction is topic to all requisite permissions, sanctions and approvals, together with the shareholding switch restrictions set out within the concession settlement executed between NHAI and DTRPL.
DATRPL shouldn’t be a cloth subsidiary of the corporate. The sale of fairness pursuits in DATRPL to Dice Highways shouldn’t be a associated occasion transaction.
Reliance Infrastructure will utilise the proceeds of this transaction totally to cut back its debt, firm mentioned.
After the completion of the transaction for Delhi-Agra Toll Highway, the debt of Reliance Infrastructure will cut back 25 % to lower than Rs 5,000 crore, it added.
At 1430 hours, Reliance Infrastructure was quoting at Rs 126.15, down Rs 3.40, or 2.62 % on the BSE.
First Printed on Mar 14, 2019 02:45 pm