Reliance Infrastructure on Thursday said the sale of its entire stake in the Delhi-Agra Toll Roadway to Singapore-based Cube Highways will be completed by the end of August 2019.<\/p>\n
Reliance Infrastructure had signed a binding share purchase agreement with Cube Highways for its 100 per cent stake in Delhi-Agra toll road for Rs 3,600 crore.<\/p>\n
“Reliance Infrastructure will receive enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore,” the company said in a regulatory filing, adding that it will utilise 100 per cent of proceeds only for debt reduction.<\/p>\n
The firm said that with this transaction, its debt of will reduce by over 25 per cent to less than Rs 5,000 crore.<\/p>\n
Cube Highways and Infrastructure III Pte Ltd is a Singapore-based company formed by global infrastructure fund – I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.<\/p>\n
Last week, ratings agency India Ratings downgraded Reliance Infrastructure’s long-term issuer rating to ‘D – Issuer Not Cooperating’. The downgrade came barely a week after the Anil Ambani-led company’s auditors raised red flags over its financial results as well as “significant doubt” over the group’s ability to continue as a going concern.<\/p>\n
Reliance Infrastructure had reported a net loss of Rs 3,301 crore for the quarter ended March 31 on a consolidated basis. The company had recorded a profit of Rs 133.66 crore in the corresponding quarter of the previous financial year.<\/p>\n
On an annual basis, it had incurred a loss of Rs 2,426.82 crore for 2018-19. It had reported a profit of Rs 1,255.50 crore in 2017-18.<\/p>\n
Shares of Reliance Infrastructure were trading 0.57 per cent lower at Rs 60.60 apiece on BSE.<\/p>\n","protected":false},"excerpt":{"rendered":"
Reliance Infrastructure on Thursday said the sale of its entire stake in the Delhi-Agra Toll Roadway to Singapore-based Cube Highways will be completed by the end of August 2019. Reliance Infrastructure had signed a binding share purchase agreement with Cube Highways for its 100 per cent stake in Delhi-Agra toll road for Rs 3,600 crore. “Reliance Infrastructure will receive enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore,” the company said in a regulatory filing, adding that it will utilise 100 per cent of proceeds only for debt reduction. The firm said that with this […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[230],"tags":[],"class_list":["post-279662","post","type-post","status-publish","format-standard","hentry","category-roads"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=279662"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279662\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=279662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=279662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=279662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}