PNC Infratech spurts ~4% on road assets sale news

15 Jun 2023 , 03:04 PM

PNC Infratech’s stock rose by 4.11% to reach Rs 331.65 in the afternoon session of Thursday. This surge came in response to reports indicating that a subsidiary of private equity giant KKR is engaged in discussions with the Agra-based company to acquire 12 road projects for an enterprise value of approximately Rs 9,000 crore.

According to sources cited by the Economic Times newspaper, Highways Infrastructure Trust, the roads platform of KKR, is actively seeking to acquire the projects. The projects in question include 11 hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) road.

The said projects are situated in Uttar Pradesh, Madhya Pradesh and Rajasthan.

The company said that 7 out of 12 projects have already commenced operations and will be completed in the next 3-4 months.

PNC Infratech is a company engaged in the construction of highways, bridges, airport runways, flyovers, and allied activities.

The order inflow in FY23 was weak at Rs 4,900 crore, but the order book remains robust at Rs 20,530 crore.

At around 2.53 PM, PNC Infratech was trading 1.80% higher at Rs 324.40, against the previous close of Rs 318.65 on NSE.

For feedback and suggestions, write to us at [e-mail]