Shares of Madhucon Projects were up over 5% at Rs 56 on the Bombay Stock Exchange after the company completed its stake sale in Madhucon Agra-Jaipur Expressways Ltd (MAJEL).
The company in a release said that it has successfully completed the strategic sale of its 74% stake in MAJEL to Cube Highways and Infrastructure Pte Ltd.
Divestmetn of the stake has assisted Madhucon Group to pare down its debt by Rs 212 crore and is the first major strategic sale in Madhucon's highway portfolio, the release added.
The stock opened at Rs 56 and touched a high of Rs 58. At 12:50pm, over 573,000 shares were traded on both the stock exchanges.
