PNC Infratech Ltd inks SPA with Cube Highways for stake sale in Ghaziabad Aligarh Expressway Pvt Ltd

PNC Infratech Ltd had earlier announced regarding the decision of the Board of Directors to divest entire stake of 35% (which includes 19.88% stake held by PNC Infra Holdings Limited, Wholly Owned Subsidiary of the Company) in Ghaziabad Aligarh Expressway Private Limited, an "Associate" of the Company to Cube Highways and Infrastructure Pte Ltd ("Cube Highways").

The Company has on 01.04.2021 entered into a Share Purchase Agreement (SPA) and other related transaction documents with Cube Highways for sale of its holding in Ghaziabad Aligarh Expressway Private Limited (GAEPL), an "Associate" of the Company.

The proposed transaction is subject to applicable regulatory and other approvals and certain conditions, more specifically laid down in the Share Purchase Agreement.

The said transaction is being done at an Enterprise Value (EV) of upto Rs. 1600 crs.

Shares of PNC Infratech Ltd was last trading in BSE at Rs.257.3 as compared to the previous close of Rs. 257.4. The total number of shares traded during the day was 62034 in over 1061 trades.

The stock hit an intraday high of Rs. 262.6 and intraday low of 254.3. The net turnover during the day was Rs. 15935825.

Source : Equity Bulls

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