KNR Constructions Ltd transfers its stake in SPV to Cube Highways

KNR Constructions Ltd (the "Company") has transferred its 49% stake in subsidiary company ie KNR Shankarampet Projects Private Limited ("SPV") to Cube Highways and Infrastructure III pte. Ltd.

The transaction is contemplated to be completed in two stages, the first stage of transfer of 49% is under current intimation and the second stage scheduled to be completed after expiry of mandatory lock-in period as per the Concession Agreement subject to various regulatory approvals.

The Company has invested Rs. 126.81 Crores (in form of equity & Sub debt) for which the Company has received of Rs. 108.51 Crores against transfer of 49% stake and repayment of entire Sub debt through this transaction and for the balance transfer of 51% stake, the Company is expected to receive a sum of Rs 37.67 Crores, which may undergo some adjustments at the time of Second Closing.

Shares of KNR Constructions Limited was last trading in BSE at Rs. 299.60 as compared to the previous close of Rs. 295.65. The total number of shares traded during the day was 63306 in over 2154 trades.

The stock hit an intraday high of Rs. 302.70 and intraday low of 294.60. The net turnover during the day was Rs. 18911100.00.

Source : Equity Bulls

Keywords

KNRConstructions INE634I01029 StakeSale SPV CubeHighways