KNR Constructions Enters Share Purchase Agreement With Cube Highways
KNR Constructions Limited (the "Company") has entered into Share Purchase Agreement with Cube Highways and Infrastructure III Pte. Limited (the "Investor") for KNR Srirangam 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 SPY 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.
The sale is for one HAM project, which is at different stages of pre-construction. The Company is expected to invest Rs. 49.08 Crores (in form of equity & Sub debt) against which the Company is expected to receive a total of Rs. 73.61 Crores through this transaction, which may undergo some changes at the time of COD.