Mumbai: Shares of infrastructure company KEC International Thursday surged nearly 10 percent as the company entered into a pact with ATC Telecom Tower for sale of telecom assets in Chhattisgarh, Meghalaya and Mizoram for about Rs 81 crore.
The stock jumped 9.13 percent to settle at Rs 110 apiece on the BSE. In intra-day, it rallied 12 percent to Rs 112.90 per scrip.
At the NSE, shares of the company soared 9.84 percent to end at Rs 109.90 apiece.
Led by the rally in the stock, the company's market value rose by Rs 236.97 crore to Rs 2,827.97 crore.
KEC International today entered into a pact with ATC Telecom Tower for sale of telecom assets in Chhattisgarh, Meghalaya and Mizoram comprising 381 telecom sites.
"The company has entered into a binding agreement for sale of its telecom assets in the states of Chhattisgarh, Meghalya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower," it said in a filing to the BSE.
The transaction is subject to obtaining necessary regulatory and third party approvals and complying with the conditions mentioned in the agreement, it said.
The infrastructure firm has presence across power transmission, power systems, cables, railways, telecom and water space.
