Shares of Sadbhav Infrastructure Project (SPIL) rose nearly 12 percent on Monday on a report that Canada Pension Plan Investment Board is in advanced talks to acquire 12 operating road assets of the company in a deal worth $400-$500 million (about Rs 3,000 crore).

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Sadbhav Infra shares jumped as much as 11.7 percent to Rs 103 per share in early trade. At 1:37 PM, shares of the company traded up 7 percent at Rs 98.65 per share on NSE.

The Canada Pension Plan Investment, which has entered into exclusive talks with SPIL, will acquire its road assets through the infrastructure investment trust, floated by L&T Infrastructure Development Projects, reported Cogencis.

The Canada Pension fund and Allianz Capital Partners own about 55% of the infrastructure investment trust units.

As on December 2018, Sadbhav Engineering holds 69 percent in SPIL, which is into developing, operating and maintaining of national and state highways along with the roads in various states like Maharashtra, Haryana, Karnataka, Gujarat, and others, the report added.