PNC Infratech gains 6% after selling equity stake in 12 road assets to HIT

Shares of PNC Infratech gained 6.3 percent at the open on the NSE on January 16, a day after the road infrastructure company reported that it sold equity stake in 12 road assets to Highways Infrastructure Trust (HIT). At 9:20am, the stock was trading at Rs 416.30.

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In a January 15 release, PNC Infratech said that it, along with subsidiary PNC Infra Holdings, had executed definitive agreements to sell equity stake in 12 road assets to Highways Infrastructure Trust for an enterprise value of Rs 9,005.7 crore. The road assets are in Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan.

“The divestment is aligned with the company’s strategic objective of recycling the capital invested in operating road assets to leverage the ambitious growth vision that has been outlined by the Government of India for this sector,” the company said in a release.

Also read: PNC Infratech sells 12 road assets to Highways Infrastructure Trust for over Rs 9,000 crore

PNC Infratech provides integrated infrastructure solutions in investment, design, development, operation of projects across highways, bridges,
flyovers, airport runways, industrial areas, railways and power transmission lines.

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