Reliance Infra on Friday announced completion of sale of its Delhi-Agra (DA) toll road to Cube Highways and Infrastructure for Rs 3,600 crore.

In a regulatory filing, the company said it has completed the sale of its 100 percent stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value of over Rs 3,600 crore.

The deal was announced in March 2019 with the signing of a definitive binding agreement between Reliance Infra and Cube Highways and Infrastructure III Pte Ltd. Reliance Infra said the entire sale proceeds are being utilized for debt reduction. Reliance Infra has reduced its total debt liabilities by 20 percent from the deal proceeds from Rs 17,500 crore to Rs 14,000 crore.

Reacting to the development, Shares of Reliance Infrastructure Ltd touched an intraday high level in share price, i.e,  4.84 pc higher at Rs 28.15 apiece on Bombay Stock Exchange.

Shares in Escorts up 3pc on strong Dec sales optimism

Market open First Session Of 2021, Nifty above 14K

Govt outstanding debt swells 5.6 pc to Rs 107.04 lakh cr in Q2