PNC Infra to divest stake in Ghaziabad Aligarh Eway
PNC Infratech has entered into a share purchase agreement with Cube Highways and Infrastructure for sale of its entire stake, i.e. 2,93,24,000 equity shares, representing 15.12 per cent of the total shareholding in Ghaziabad Aligarh Expressway, an associate of PNC Infratech.
The enterprise value of the project is Rs. 1,834 crore, however, the equity value of the proposed transaction is subject to adjustments of debt and other capital and operational costs at the closing date and hence net consideration receivable is not ascertainable at this stage.
As on December ended quarter, PNC's order book stood at Rs. 7,970 crore which gives good revenue visibility for the next 2-3 years.
The company is also looking to release its equity from two HAM projects out of total seven by way of divestment. To complete its HAM projects the company requires capital infusion, and which would be met through internal accrual and asset monetisation. This divestment may be in line with meeting its fund requirement.
On Monday, the stock of PNC Infratech opened at Rs. 149.50 and made an intraday high of Rs. 155.95 on the BSE.