Ramky Infra Enters Agreement To Sell NAM Expressway To Cube Highways
Ramky Infrastructure Limited has executed a Share Purchase Agreement with Cube Highways Pte. Limited, Singapore for sale of 100% of the Company’s shareholding in NAM Expressway Limited. The sale of 100% equity in NAM Expressway Limited is proposed for a consideration of INR 1400 million along with all its liabilities. The sale proceeds shall be used to reduce the debt of the company. Consequent to the sale of 100% shareholding in NAM Expressway Limited, the consolidated debt of the company will be reduced by about Rs 15290 million.
The company, having obtained the approval of Authorities and Senior Lenders for the change in ownership is in the process of achieving the closure formalities.