KNR Constructions divests 49Percentage stake in SPV - KNR Shankarampet Projects

5 Jan 2022 , 01:34 AM

KNR Constructions has transferred its 49Percentage stake in subsidiary company KNR Shankarampet Projects SPV to Cube Highways and Infrastructure III The transaction is contemplated to be completed in two stages the first stage of transfer of 49Percentage is under current intimation and the second stage scheduled to be completed after expiry of mandatory lock-in period as per the Concession Agreement subject to various regulatory approvals The company has invested Rs 12681 crore in form of equity Sub debt for which the Company has received of Rs 10851 crore against transfer of 49Percentage stake and repayment of entire Sub debt through this transaction and for the balance transfer of 51Percentage stake the Company is expected to receive a sum of Rs 3767 crore which may undergo some adjustments at the time of Second Closing