Reliance Infra share rises 4.8% on completion of Delhi-Agra toll road sale to Cube Highways

Reliance Infra share price rose 4.8% on Friday after the company announced the completion of the sale of its Delhi-Agra (DA) toll road to Cube Highways and Infrastructure for Rs 3,600 crore.

Stock of Anil Ambani led-Reliance Infra gained over 4.8% to hit the day's high of Rs 28.15 on BSE.

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

Earlier in March 2019, the company had announced the signing of a definitive binding agreement between the company and Cube Highways and Infrastructure III Pte Ltd.

"The entire sale proceeds are being utilized for debt reduction. Reliance Infrastructure has reduced its total debt liabilities by around 20% from the deal proceeds," the company said in the regulatory filing.

Reliance Infra share price stands higher than 5, 20, 50, 100 and 200-day moving averages.

Market capitalisation of the firm stood at Rs 720.59 crore as of today's session. The share touched its 52-week high Rs 287.35 and 52-week low Rs 8.65, respectively.

The stock with Rs 10 face value has rose 4.65% in one week, 7% in a month and 63% in one year.

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