Reliance Infra on Friday announced completion of sale of its Delhi-Agra (DA) toll road to Cube Highways and Infrastructure for Rs 3,600 crore.
In a regulatory filing, Reliance Infrastructure Ltd said it has completed the sale of its 100 per cent stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value overRs 3,600 crore.
The deal was announced in March 2019 with the signing of a definitive bindingagreement between Reliance Infra and Cube Highways and Infrastructure III Pte Ltd.
Reliance Infra said the entire sale proceedsare being utilised for debt reduction.
Reliance Infra has reduced its total debt liabilities by 20 per cent from the dealproceeds from Rs 17,500 crore to Rs 14,000 crore.
Shares of Reliance Infrastructure Ltd were trading 4.84 per cent higher at Rs 28.15 apiece on BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.