Mumbai: Ceigall India Ltd has entered into a definitive agreement to divest its stake in Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH), a road infrastructure project company based in Punjab. The transaction is valued at around Rs 177 crore, including cash surplus, subject to customary adjustments.
The agreement was signed with Neo Infra Income Opportunity Fund, which is managed by Neo Alternative Asset Managers Private Limited. The Share Purchase Agreement (SPA) was executed on June 3, 2026.
Transfer Through Share Purchase Agreement
Under the deal, Ceigall India and its wholly-owned subsidiary, Ceigall Infra Projects Private Limited, will transfer their shareholding in CMASH to the infrastructure-focused investment fund. The transaction follows a binding offer letter signed earlier this year.
CMASH operates a highway asset in Punjab and is a step-down subsidiary of Ceigall India. The company plays a small but meaningful role in the group's overall business portfolio.
CMASH Financial Performance
For the financial year ended March 31, 2026, CMASH reported a turnover of Rs 82.69 crore. This accounted for nearly 2.1% of Ceigall India's consolidated turnover. The project company's net worth stood at Rs 136.11 crore, representing around 6.3% of the group's consolidated net worth.
Company Sees Opportunity for Future Growth
Commenting on the transaction, Ceigall India Chairman and Managing Director Ramneek Sehgal said the divestment reflects the company's disciplined capital allocation strategy and focus on portfolio optimisation. He added that monetising selected assets helps unlock value and strengthens financial flexibility for future growth opportunities.
The company said the transaction supports its strategy of monetising operational infrastructure assets and recycling capital into new development and construction projects.
Deal Completion Subject to Conditions
The transaction is expected to close after the fulfilment of customary conditions outlined in the agreement. Ceigall India also clarified that the deal is not a related-party transaction and that the buyer is not part of its promoter group.
As Ceigall continues to expand its infrastructure footprint across India, the company believes the asset sale will help create long-term value for shareholders while supporting future project execution and growth.
