Shares of PNC Infratech saw a notable surge of 6.3% at the opening on the NSE on January 16, following the road infrastructure company’s announcement of a successful equity stake sale in 12 road assets to Highways Infrastructure Trust (HIT). As of 9:22 am, the stock was trading at Rs 416.30.
In a release dated January 15, PNC Infratech disclosed that it, along with its subsidiary PNC Infra Holdings, had finalized definitive agreements for the sale of equity stake in 12 road assets to Highways Infrastructure Trust. The enterprise value for this strategic divestment amounted to Rs 9,005.7 crore, encompassing road assets located in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.
The company emphasized that this divestment aligns with its strategic objective of capital recycling in operating road assets, aligning with the ambitious growth vision outlined by the Government of India for the sector.