Reliance Infrastructure is up in the green today. The stock is currently up over 5% at Rs.431, its present intra day high point. Its 52-week high is at Rs.622.05.

The stock is reacting positively to the news that its has signed a purchase agreement with Birla Corporation to sell 100% of its cement plant with a capacity of 5.08 mtpa. It has two plants, one in Madhya Pradesh and one is Uttar Pradesh. It also has a grinding unit with 0.5 mtpa capacity. Following this buyout, Birla Corp's total capacity will rise to 15.5 mtpa. 

As per the deal, Birla Corp will be acquiring 100% shareholding of Reliance Infra in the 100% subsidiary which owns the cement plant. The deal is valued at Rs.4800 crore which works out to $140/tonne and the money raised will be used for reducing the company’s debt, which currently stands at Rs.26,630 crore.