Reliance Infra up 4.5%

Reliance Infra, which had closed on Friday at Rs.85.10, opened today at Rs.88.90, up over 4.5% and very close to its 5% UC of the day of Rs.89.35.

The stock is up on unconfirmed news that the company is in talks with Apollo Global, Brookfield and Canadian institutional investor CDPQ (Caisse de dépôt et placement du Québec) to sell the Pune-Satara toll road.

The word on the Street is that the enterprise value of the asset is estimated at Rs 1,500–Rs 1,800 crore and the company is close to signing a deal within the next 30-40 days.

This is a part of the company’s debt reduction plan – its consolidated debt as at 31st March 2021 was at Rs.14,260 crore.