KNR Constructions Limited (the 'Company') has entered into Share Purchase Agreement dated February 11, 2019 with Cube Highways and Infrastructure III Pte. Ltd. (the 'Investor') for KNR Chidambaram Infra Private Limited (hereinafter referred to as the 'SPV') Pursuant to which the Company will, in a phased manner, sell to the Investor its entire shareholding in the SPV, subject to the shareholding transfer restrictions set out in the concession agreement executed between National Highway Authority of India and the SPV and subject to various regulatory and lender approvals.
The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after achievement of the Commercial Operation Date (the 'COD') as per Concession Agreement and the second stage scheduled to be completed after expiry of mandatory lock-in period as per the Concession Agreement.
Shares of KNR CONSTRUCTIONS LTD. was last trading in BSE at Rs.207.5 as compared to the previous close of Rs. 213.35. The total number of shares traded during the day was 5353 in over 134 trades.
The stock hit an intraday high of Rs. 211.95 and intraday low of 206. The net turnover during the day was Rs. 1115637.