KNR Constructions rallies 6% on dilution of entire stake in subsidiaries

The board approved dilution of entire stake held in material subsidiary companies, namely KNR Shankarampet Projects, KNR Srirangam Infra and KNR Tirumala Infra

Shares of KNR Constructions (KNRCL) hit a record high of Rs 315 as they rallied 6 per cent on the BSE in intra-day trade on Thursday after the company said its board approved dilution of the entire stake held in material subsidiary companies subject to regulatory approval. The stock surpassed its previous high of Rs 309 touched on August 23, 2021.

The dilution of stake in companies includes KNR Shankarampet Projects Private Limited, KNR Srirangam Infra private Limited and KNR Tirumala Infra Private Limited, the company said.

KNRCL has entered into a Share Purchase Agreement (SPA) with Cube for the above mentioned