RInfra gains on buzz of negotiations for selling road assets

Reliance Infrastructure was up 5.02% at Rs 602 at 11:13 IST on BSE after media reports suggested that Brookfield has begun exclusive negotiations with Reliance Infrastructure for acquiring Reliance Infrastructure's road projects.

Meanwhile, the S&P BSE Sensex, was down 77.23 points or 0.27% at 28,131.39

On BSE, so far 5.98 lakh shares were traded in the counter, compared with an average daily volume of 4.15 lakh shares in the past one quarter. The stock hit a high of Rs 607.60 and low of Rs 577.20 so far during the trading session. The stock had hit 52-week high of Rs 622.05 on 5 January 2016. The stock had hit 52-week low of Rs 282.20 on 25 August 2015. The stock had outperformed the market over the past one month till 28 July 2016, gaining 9.75% compared with 6.35% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 6.9% as against the Sensex's 10.18% rise.

The large cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

According to media reports, global alternative asset manager Brookfield and Reliance Infrastructure (RInfra) have begun exclusive negotiations for Brookfield's acquisition of a portfolio of 11 road projects of Reliance Infrastructure for an enterprise value of Rs 8000 crore. RInfra is among the largest NHAI concessionaire with concession periods ranging from 18-30 years. The decision to sell the road assets is a part of RInfra's plan to reduce debt and deleverage its balance sheet, according to reports. The road assets belong to the infrastructure division of the company.

Reliance Infrastructure's consolidated net profit rose 43.7% to Rs 659.85 crore on 3.2% fall in net sales to Rs 4260.87 crore in Q4 March 2016 over Q4 March 2015.

RInfra has presence in three major business segments viz. infrastructure development, energy and defence.

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