KNR Constructions transfers balance stake in KNR Tirumala Infra Pvt Ltd

KNR Constructions Limited (the "Company") has transferred its remaining 51% equity stake in subsidiary company ie KNR Tirumala Infra Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd. As the transaction is contemplated to be completed in two stages, the first stage of transfer of 49% equity stake was completed on December 31, 2021 and now the second stage of transfer for remaining 51% equity stake has been completed on October 20, 2022.

The Company has invested Rs. 160.22 Crores (in form of equity & Sub debt) for which the Company has received of Rs. 136.81 Crores against transfer of 49% equity stake and repayment of entire Sub debt on December 31, 2021 and now the Company has received Rs 68.13 Crores against transfer of remaining 51% equity stake. In addition to the above, the Company shall be eligible to receive an additional consideration up to an amount of Rs 14.05 Crores subject to receipt of certain approvals form NHAI.

Shares of KNR Constructions Limited was last trading in BSE at Rs. 205.50 as compared to the previous close of Rs. 217.35. The total number of shares traded during the day was 19421 in over 1301 trades.

The stock hit an intraday high of Rs. 218.00 and intraday low of 202.85. The net turnover during the day was Rs. 4074566.00.

Source : Equity Bulls

Keywords

KNRConstructions INE634I01029 StakeSale SPV KNRTirumalaInfra