Reliance Infra in the limelight

Reliance Infra is in the limelight today morning. The stock is up over 3% at Rs.472.60, its current intra day high point.

There is unconfirmed news that the company is in talks to sell its cement business for around Rs.2600 crore. This is reported to be almost a “done deal” and the official announcement is expected any time soon. The news is that the buyer could also take over the debt of the cement unit at Rs.2400 crore thus meaning that the enterprise value is at Rs.5000 crore.

The news floating around is that a consortium of buyers is interested. The company is talking to other cement companies as well as PE funds like Blackstone and Carlyle.

There is no official confirmation yet though the exchanges have sought a clarification.