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KNR Constructions divests 49% stake in SPV - KNR Shankarampet Projects

Capital Market 

KNR Constructions has transferred its 49% stake in subsidiary company, KNR Shankarampet Projects (SPV) to Cube Highways and Infrastructure III.

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 crore (in form of equity & Sub debt) for which the Company has received of Rs. 108.51 crore 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 crore, which may undergo some adjustments at the time of Second Closing.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, December 31 2021. 15:59 IST