Gayatri Highways to acquire 12,05,148 shares worth ~Rs120.51cr in HKR Roadways

HKR Roadways has agreed to allotment Preference Shares in favour of Gayatri Highways by converting the Existing Unsecured Loans and Related Party Due of Rs120.51cr into 12,05,148 shares.

Apr 29, 2021 03:04 IST India Infoline News Service

Gayatri Projects
Gayatri Highways Limited has proposed to acquire 12,05,148 Cumulative Redeemable Preference Shares in HKR Roadways Limited.

HKR Roadways 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 Rs120.51cr into 12,05,148 fully paid up Cumulative Rs120.51cr.

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.

The object of acquisition is for 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).

Gayatri Highways Limited on Thursday ended at Rs0.58 per piece up Rs0.01 or 1.75% on the BSE.

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