The Target Company has agreed for Allotment of Cumulative Redeemable Preference Shares in favour of Gayatri Highways Limited by converting the Existing Unsecured Loans and Related Party Due of INR 1,20,51,48,000 into 12,05,148 fully paid up Cumulative Redeemable Preference shares of face value of INR 1,000/- each aggregating to INR 1,20,51,48,000/- (Rupees One Hundred and Twenty Crore and Fifty One Lakh Forty Eight Thousand Only)" name="description">
The Target Company has agreed for Allotment of Cumulative Redeemable Preference Shares in favour of Gayatri Highways Limited by converting the Existing Unsecured Loans and Related Party Due of INR 1,20,51,48,000 into 12,05,148 fully paid up Cumulative Redeemable Preference shares of face value of INR 1,000/- each aggregating to INR 1,20,51,48,000/- (Rupees One Hundred and Twenty Crore and Fifty One Lakh Forty Eight Thousand Only)" />
The Target Company has agreed for Allotment of Cumulative Redeemable Preference Shares in favour of Gayatri Highways Limited by converting the Existing Unsecured Loans and Related Party Due of INR 1,20,51,48,000 into 12,05,148 fully paid up Cumulative Redeemable Preference shares of face value of INR 1,000/- each aggregating to INR 1,20,51,48,000/- (Rupees One Hundred and Twenty Crore and Fifty One Lakh Forty Eight Thousand Only)" />
The Target Company has agreed for Allotment of Cumulative Redeemable Preference Shares in favour of Gayatri Highways Limited by converting the Existing Unsecured Loans and Related Party Due of INR 1,20,51,48,000 into 12,05,148 fully paid up Cumulative Redeemable Preference shares of face value of INR 1,000/- each aggregating to INR 1,20,51,48,000/- (Rupees One Hundred and Twenty Crore and Fifty One Lakh Forty Eight Thousand Only)" />
 
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Gayatri Highways Limited to acquire 12,05,148 CRPS in HKR Roadways Ltd on conversion of loans



Posted On : 2021-04-28 21:21:54( TIMEZONE : IST )

Gayatri Highways Limited to acquire 12,05,148 CRPS in HKR Roadways Ltd on conversion of loans

Gayatri Highways Limited (the "Company") has proposed to acquire 12,05,148 Cumulative Redeemable Preference Shares in HKR Roadways Limited (the "Target Company")

The Target Company has agreed for Allotment of Cumulative Redeemable Preference Shares in favour of Gayatri Highways Limited by converting the Existing Unsecured Loans and Related Party Due of INR 1,20,51,48,000 into 12,05,148 fully paid up Cumulative Redeemable Preference shares of face value of INR 1,000/- each aggregating to INR 1,20,51,48,000/- (Rupees One Hundred and Twenty Crore and Fifty One Lakh Forty Eight Thousand Only).

The Target Company is engaged in the business regarding four laning of the roads in the state of Telangana under Public Private Partnership (PPP) as Build, Operate and Transfer (BOT) basis and to collect toll, charges and fees from the users of the said project.

Total Revenue of HKR Roadways Limited is Rs. 1,87,44,72,814/- in FY 2020.

The conversion of Debt in to Cumulative Redeemable Preference Sharesas per the terms of funding of HKR Roadways Limited by Kotak Special Situations Fund (represented by its investment manager, Kotak Investment Advisors Limited).

HKR Roadways Limited was incorporated with the business four laning of Hyderabad - Karimnagar - Ramagundam Road (SH-1) from Km 28.200 to Km 235.058 in the state of Andhra Pradesh under Public Private Partnership (PPP) as Build, Operate and Transfer (BOT) basis and to collect toll, charges and fees from the users of the said project in accordance with the terms of the concession agreement to be entered in to with the The Governor of Andhra Pradesh represented by Chief Engineer (R&B)-Core Road Network and Managing Director, A.P. Road Development Corporation.

Shares of Gayatri Highways Ltd was last trading in BSE at Rs.0.57 as compared to the previous close of Rs. 0.57. The total number of shares traded during the day was 12557 in over 14 trades.

The stock hit an intraday high of Rs. 0.59 and intraday low of 0.56. The net turnover during the day was Rs. 7165.

Source : Equity Bulls

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