Anant Raj Industries, one of the leading in construction and infrastructure developers in North India, witnessed a sharp rise in share prices on Monday after the board approved the sale of 100% equity stake in its wholly owned subsidiary Greatway Estates. The sale of subsidiary is for a consideration of Rs 3.04 billion.

The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company.

Shares of the company are trading at Rs 57, up Rs 1.75, or 3.17% at the Bombay Stock Exchange (BSE) on Monday at 11:45 a.m.

The scrip has touched an intra-day high of Rs 60 and low of Rs 56.80. The total volume of shares traded at the BSE is 225,429.