The board of PNC Infratech has approved divestment of the company's entire 35% stake in Ghaziabad Aligarh Expressway to Cube Highways and Infrastructure.
The proposed transaction is subject to execution of definitive documents with the purchaser and applicable regulatory and other approvals.Ghaziabad Aligarh Expressway is an associate of PNC Infratech. Cube Highways is an infrastructure company based in Singapore, with the aim of acquiring and operating portfolio of highway and transportation infrastructure assets.
Shares of PNC Infratech rose 1.66% at Rs 254 on Friday.
PNC Infratech is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.
On a consolidated basis, PNC Infra's net profit jumped 163.3% to Rs 176.14 crore on a 13.8% rise in net sales to Rs 1582 crore in Q3 FY21 over Q3 FY20.
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