KNR Constructions up 11% as it sells entire stake in KNR Walayar Tollways

KNR Constructions announced to sell its entire equity stake in a toll road BOT asset of special purpose vehicle (SPV) viz KNR Walayar Tollways Private Limited (KWTPL) to Singapore-based Cube Highways.

Shares of KNR Constructions soared 11 per cent to Rs 282 on the BSE in the early morning trade on Friday after the company announced it will sell its entire equity stake in a toll road BOT asset of special purpose vehicle (SPV) viz KNR Walayar Tollways Private Limited (KWTPL) to Singapore-based Cube Highways. The construction & engineering company holds 100 per cent equity in the SPV.

“The company has entered into share purchase agreement on January 9, 2020 with Cube Highways and Infrastructure III Pte (Cube Highways) to sell its entire equity stake in a toll road BOT