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KNR Construction Gets Order for Reservoir Bund

Infra News - Published on Mon, 19 Aug 2019

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KNR Constructions has entered into a share purchase agreement dated August 16, 2019, with Cube Highways and Infrastructure III Pte Ltd for KNR Shankarampet Projects Private Limited. Pursuant to which the Company will, in a phased manner, sell to the Investor its entire shareholding in the SPY, subject to the shareholding transfer restrictions set out in the concession agreement executed between National Highway Authority of India and the SPY and subject to various regulatory and lender approvals, the company said in the filing.

The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after the achievement of the Commercial Operation Date as per Concession Agreement and the second stage scheduled to be completed after the expiry of mandatory lock-in period as per the Concession Agreement.

However, the sale is for one HAM project, which is at different stages of pre-construction. The company is expected to invest INR 53.16 crore in form of equity & Sub debt against which the company is expected to receive a total of INR 95.79 crore through this transaction, which may undergo some changes at the time of COD.

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Posted By : Mohan Sharma on Mon, 19 Aug 2019
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