Uses sale proceeds to reduce debt by 20%
Reliance Infrastructure announced that Delhi-Agra (DA) Toll Road has ceased to be the subsidiary of the Company from 31 December 2020 on account of transfer of 100% shares held by the Company to Cube Highways and Infrastructure III for an enterprise value over Rs 3600 crore.The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III and has now been completed with transfer of shares of the DA Toll Road and receipt of sale consideration.
Cube Highways and Infrastructure III is a Singapore-based company formed by Global Infrastructure Fund - I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
The total transaction value is over Rs. 3,600 crore. The entire sale proceeds are being utilized for debt reduction.
RInfra has reduced its total debt liabilities by ~20% from the deal proceeds.
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