PNC Infratech opened in the positive and rose almost 2% to Rs.262 but could not sustain at these levels and is currently just about holding on to the green at Rs.259, up less than 1%. Its 52-week high stands at Rs.291.
The company announced Friday evening that it has entered into a Share Purchase Agreement (SPA) and other related transaction documents with Cube Highways.
This is for sale of its holding in Ghaziabad Aligarh Expressway, an "Associate" of the company.
The transaction is being done at an Enterprise Value (EV) of up to Rs 1,600 crore.
Cube Highways is an infrastructure company, based in Singapore, with the aim of acquiring and operating portfolio of highway and transportation infrastructure assets.