Mumbai: Shares of Reliance Infrastructure 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 $140/tonne," it said adding that the proceeds will be utilized for debt reduction.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
