PNC Infra gains 11% in 2 days after funds buy 10% stake via open market

Many institutional investors bought nearly 10 per cent stake in the road & highways company

Shares of PNC Infratech were up 4 per cent at Rs 189 on the BSE on Friday, having surged 11 per cent from Wednesday's low of Rs 170.70, after institutional investors bought nearly 10 per cent stake in the road & highways company. The stock erased its entire 6 per cent loss recorded on Wednesday.

On January 6, 2021, CN Infrabuild had sold its entire 9.95 per cent stake, or 25.5 million equity shares, of PNC Infratech worth over Rs 447 crore through an open market transaction. CN Infrabuild sold shares at an average price of Rs 175.12 per share via block deals on the BSE, the exchange data shows.

Axis Mutual Fund, BNP Paribas Arbitrage, Nippon India Mutual Fund, Fidelity Asian Values PLC and Fidelity Funds bought a combined 11.13 million equity shares, data shows. The names of other buyers could not be ascertained immediately. CLICK HERE FOR FULL DETAILS

Meanwhile, in a separate regulatory filing on Wednesday, PNC Infra announced that the three Hybrid Annuity Mode (HAM) projects namely PNC Unnao Highways; PNC Gomti Highways and PNC Bithur Kanpur Highways, have submitted the duly executed financing documents to the National Highways Authority of India (NHAI). These are wholly-owned subsidiaries of PNC Infratech.

The company said these HAM projects have cumulative bids costing up to Rs 5,184 crore, while the projects have debt size of Rs 1,965.54 crore.

"The company has submitted the above duly executed documents within the time frames stipulated in the respective concession agreements and has requested for confirmation of the financial closures for the above projects," PNC Infratech said.