Gayatri Highways to acquire 48.52% stake worth Rs120cr under modified proposal from HKR Roadways

The target company in modification of earlier proposal has now agreed for allotment of 12,00,217 CRPS of the face value of Rs1,000/- each to the company.

May 03, 2021 11:05 IST India Infoline News Service

Gayatri Projects
Gayatri Highways Limited informed the exchanges Saturday that the company had proposed to acquire 12,05,148 Cumulative Redeemable Preference Shares (CRPS) in HKR Roadways Limited.

However, the Target Company in modification of earlier proposal has now agreed for allotment of 12,00,217 CRPS, 48.52%, of the face value of Rs1,000/- each aggregating to over Rs120cr in favour of Gayatri Highways by converting the Existing Unsecured Loans and Related Party Due of over Rs120cr.

HKR Roadways 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.

At around 11.28 am,  Gayatri Highways Limited was trading at Rs0.55 per piece down Rs0.02 or 3.51% on the BSE.

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