Shares of Madhucon Projects today rose by over 5 per cent after it completed the sale of 74 per cent stake in Madhucon Agra-Jaipur Expressways (MAJEL) to Singapore-based Cube Highways and Infrastructure for Rs 248 crore.
The stock climbed 5.27 per cent to settle at Rs 55.90 on BSE. During the day, it gained 8.85 per cent to Rs 57.80.
At NSE, shares of the infrastructure company jumped 5.28 per cent to close at Rs 55.80.
On the volume front, 1.44 lakh shares of the company changed hands at BSE and over 6 lakh shares were traded at NSE during the day.
The transaction will help pare down the debt of Madhucon Group by Rs 212 crore, the company had said in a BSE filing yesterday.
"The Madhucon Group announced the successful completion of the strategic sale of its majority stake (74 per cent) in MAJEL to Cube Highways and Infrastructure," it said.
Cube Highways had emerged as the successful bidder in buying majority stake in MAJEL, it added.
Madhucon and Cube Highways of Singapore had entered into a share purchase agreement on October 21 last year for Rs 248 crore.
The proceeds from the transaction will be used to complete the under-construction infrastructure projects of the group, the statement said.
