PNC Infratech Limited has informed the Exchange about General Updates
PNCINFRA · price
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On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 0.2 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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PNC Infratech, along with its wholly owned subsidiary PNC Infra Holdings, has transferred its full stake in 10 road-asset SPVs to Highways Infrastructure Trust (HIT), an InvIT, on May 21-22, 2025. The 10 SPVs include projects in Rajasthan, Karnataka, Uttar Pradesh, Madhya Pradesh and Bundelkhand, and together accounted for roughly 21% of consolidated revenue and about 12.6% of consolidated net worth for FY24. The deal was originally agreed on January 15, 2024, and was approved by shareholders via a special resolution at the September 2024 AGM. Two more SPVs (PNC Bareilly Nainital and PNC Challakere Karnataka) are expected to be sold in H1 of FY26 once conditions are met. The transaction is not a related-party deal and the buyer is unrelated to PNC's promoters.
This is a major asset monetisation move for PNC, freeing up capital locked in operating road projects and likely boosting near-term cash flows and book value. The stock may react positively as the company shifts from an operator to an asset-light model, though loss of recurring toll/HAM revenue from the 10 SPVs could trim long-term earnings.