Ceigall India Limited has entered into a definitive agreement to divest its stake in Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH), a road infrastructure project company in Punjab. The transaction was formalized through a Share Purchase Agreement (SPA) executed on June 3, 2026, with Neo Infra Income Opportunity Fund, managed by Neo Alternative Asset Managers Private Limited.

Transaction Details

  • Total Consideration: Approximately ₹177 crore, including cash surplus, subject to customary adjustments
  • Parties Involved: Ceigall India Limited and its wholly owned subsidiary Ceigall Infra Projects Private Limited will transfer their shareholding in CMASH to Neo Infra Income Opportunity Fund
  • Transaction Structure: Not a related-party transaction, and the purchaser does not belong to the promoter group of Ceigall India
  • Status: Expected to be completed upon fulfillment of customary conditions precedent outlined in the Share Purchase Agreement

Financial Impact of CMASH

For the financial year ended March 31, 2026:

  • Turnover: ₹82.69 crore, representing approximately 2.1% of Ceigall India's consolidated turnover
  • Net Worth: ₹136.11 crore, representing approximately 6.3% of the group's consolidated net worth

Strategic Rationale

The divestment aligns with Ceigall India's strategy of monetizing operational infrastructure assets and recycling capital to support future growth opportunities across its infrastructure development and construction businesses. According to Ramneek Sehgal, Chairman & Managing Director, this reflects the company's "disciplined approach towards capital allocation and portfolio optimization" and enables "unlocking value and strengthening financial flexibility for future growth opportunities."

Company Background

Ceigall India Limited is an infrastructure engineering, procurement, and construction (EPC) company engaged in the development of highways, expressways, bridges, flyovers, railway overbridges, tunnels, and runways. The company executes projects under EPC as well as Hybrid Annuity Model (HAM) formats.