Shares of KNR Constructions rose more than 10 percent on Friday after the company announced that it will sell its 100 percent stake in a toll road BOT asset of special purpose vehicle (SPV) named KNR Walayar Tollways Pvt Ltd (KWTPL) to Singapore-based Cube Highways and Infrastructure III Pte Ltd.

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The scrip jumped 10.78 percent to touch an intraday high of Rs 282 apiece on the BSE.

In a release issued to exchanges, the company said the enterprise value of the assets for this transaction is Rs 529.27 crore excluding claims receivable from National Highway Authority of India (NHAI) and other governmental instrumentalities, which would be passed through to the company as and when realised.

The company expects to close the transaction within 2-3 months.

Cube Highways and Infrastructure III Pte is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India.

The completion of the transaction is contingent upon fulfillment of certain customary regulatory and lender approvals and parties anticipate the closing of the transaction within the next 2- 3 months.

At 11:55 am, shares of KNR Constructions rose 8.56 percent to Rs 276.35 on the BSE.