Ceigall India has entered into a definitive agreement to divest its stake in Ceigall Malout Abohar Sadhuwali Highways (CMASH), a road infrastructure project company in Punjab, to Neo Infra Income Opportunity Fund, managed by Neo Alternative Asset Managers.
Under the terms of the agreement, Ceigall India and its wholly owned subsidiary, Ceigall Infra Projects, will transfer their shareholding in CMASH to the infrastructure-focused investment fund. The total consideration for the transaction, including cash surplus, is valued at approximately Rs 177 crore.
CMASH is a step-down subsidiary of Ceigall India and operates a highway asset in Punjab. For the financial year ended 31 March 2026, the company reported a turnover of Rs 82.69 crore, contributing around 2.1% of Ceigall India's consolidated turnover. The project company's net worth stood at Rs 136.11 crore, representing approximately 6.3% of the group's consolidated net worth. |