KNR Constructions sells stake in subsidiary to Cube Highways

KNR Constructions Limited (the "Company") has transferred its 100% equity stake in subsidiary company i.e., KNR Srirangam Infra Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd.

The Company has invested Rs. 78.36 Crores (in form of equity & Sub debt) for which the Company has received of Rs. 131.15 Crores against transfer of 100% equity stake and repayment of entire Sub debt through current transaction. In addition to the above, the Company shall be eligible to receive an additional consideration up to an amount of Rs 15.40 Crores subject to receipt of certain approvals form NHAI.

The divestment shall be undertaken post the achievement of the COD for the projects and in conformance with the provisions of the Concession Agreement.

Shares of KNR Constructions Limited was last trading in BSE at Rs. 222.00 as compared to the previous close of Rs. 221.25. The total number of shares traded during the day was 8113 in over 287 trades.

The stock hit an intraday high of Rs. 224.95 and intraday low of 221.35. The net turnover during the day was Rs. 1807030.00.

Source : Equity Bulls

Keywords

KNRConstructions INE634I01029 StakeSale SPV CubeHighways