Reliance Infra shares surge 6 per cent on cement deal with Birla Corp
5 Feb 2016 8:20 AM GMT
The stock gained 5.59 per cent to Rs 432.80 on BSE and Rs 433.65 on NSE
Reliance Group chairman Anil Ambani addresses the gathering at the inauguration of Invest Karnataka 2016. (Photo: PTI)
Mumbai: Shares of Reliance Infrastructure(RInfra) today surged six per cent after the company sold its cement business arm to Birla Corporation for Rs 4,800 crore, a deal that will help the Anil Ambani-led Group lower its debt burden.
The stock gained 5.59 per cent to Rs 432.80 on BSE. At NSE, shares of the company surged six per cent to Rs 433.65. "RInfra announced the signing of share purchase agreement with Birla Corporation Limited, the flagship company of the M P Birla Group, in relation to 100 per cent sale of its subsidiary RCCPL," the Reliance Group company said in a statement yesterday.
"The deal values cement business at Rs 4,800 crore at USD 140/tonne," it said adding that the proceeds will be utilised for debt reduction.
( Source : PTI )
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