Gayatri Highways Ltd to sell stake in HKR Roadways Ltd for Rs. 123.66 crores

Gayatri Highways Limited (the "Seller") has proposed to Sale of 49% of Equity Share Capital ie., around 22,74,719 Equity Shares held by the Company along with its nominees in HKR Roadways Limited to VINCI Highways SAS ("VINCI") [51% of Shares held by the Company i.e. around 11,60,107 Equity Shares] and GIP EM India Highways Pte. Ltd. ("GIP") [49% of Shares held by the Company i.e. around 11,14,612 Equity Shares] (the "Purchaser(s)").

In this connection it is proposed to enter into the Securities Purchase and Subscription Agreement by and amongst VINCI Highways SAS ("VINCI") and GIP EM India Highways Pte. Ltd. ("GIP") (as the Purchasers) and Kotak Special Situations Fund and the Company (as the Sellers) and HKR Roadways Limited.

For the sale of entire stake held by the Company in HKR Roadways Limited to VINCI Highways SAS ("VINCI") and GIP EM India Highways Pte. Ltd. ("GIP") upon sale they become the sponsors / Promoter for HKR Roadways Limited. The company / HKR Roadways Limited / Seller(s) / Buyer(s) / have to comply certain Pre-disbursement conditions, obligations as per the Securities Purchase and Subscription agreement proposed to be executed amongst VINCI Highways SAS ("VINCI") and GIP EM India Highways Pte. Ltd. ("GIP") (as the Purchasers) and Kotak Special Situations Fund and the Company (as the Sellers) and HKR Roadways Limited.

Upon completion of the sale of Equity Shares held in HKR Roadways Limited the Company estimate to receive around INR.123.66 Crores from selling of Equity Shares.

Source : Equity Bulls

Keywords

GayatriHighways StakeSale HKRRoadways