NCC up on plans to sell highway assets to cut debt

Company plans to sell two highway assets with a view to reduce its debt

Shares of infrastructure major NCC were up over 4% at Rs 47.15 on the BSE on talk that the company plans to sell select highway assets with a view to reduce its debt.

According to reports, IDFC and two funds Squared Capital and Acropolis Capital are in the race for the two highway assets namely, the Meerut-Muzaffarnagar highway and the Bengaluru-elevated expressway.

The company is hoping to obtain a combined enterprise value of around Rs 2000 cr for the said assets.

The stock opened at Rs 46.10 and touched a high of Rs 48.80 on the BSE so far. Over 2.3 million shares were traded so far on both the stock exchanges.