Gayatri Highways Ltd to acquire 13% in HKR Roadways Limited

Gayatri Highways Limited (the "Company") has proposed to acquire 13% of Equity Share Capital in HKR Roadways Limited (the "Target Company") from the Existing Shareholder of the Target Company.

The Existing Shareholder of HKR Roadways Limited has agreed for sale of their equity shareholding to Gayatri Highways Limited 6,03,498 fully paid up equity shares of face value of INR 10 each aggregating to INR 60,34,980.

The Target Company is engaged in the business regarding four laning of the roads in the state of Telangana under Public Private Partnership (PPP) as Build, Operate and Transfer (BOT) basis and to collect toll, charges and fees from the users of the said project.

Gayatri Highways Limited is engaged in infrastructure industry, the investment in Target Company would be very beneficial for the future growth prospects. The acquisition is expected to be completed within 60 days from the date of acceptance of sale of Equity Shares by the Existing Shareholders of the Target Company.

HKR Roadways Limited was incorporated with the business four laning of Hyderabad - Karimnagar - Ramagundam Road (SH-1) from Km 28.200 to Km 235.058 in the state of Andhra Pradesh under Public Private Partnership (PPP) as Build, Operate and Transfer (BOT) basis and to collect toll, charges and fees from the users of the said project in accordance with the terms of the concession agreement to be entered in to with the The Governor of Andhra Pradesh represented by Chief Engineer (R&B)-Core Road Network and Managing Director, A.P. Road Development Corporation.

Shares of Gayatri Highways Ltd was last trading in BSE at Rs.0.75 as compared to the previous close of Rs. 0.74. The total number of shares traded during the day was 135843 in over 54 trades.

The stock hit an intraday high of Rs. 0.77 and intraday low of 0.73. The net turnover during the day was Rs. 102118.

Source : Equity Bulls

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