KNR Construction has entered into Share Purchase Agreement with Cube Highways and Infrastructure III Pte for KNR Tirumala Infra (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.
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 (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 73.06 crore (in form of equity & Sub debt) against which the company is expected to receive a total of Rs 152.06 crore through this transaction, which may undergo some changes at the time of COD.
KNR Construction is a multi-domain infrastructure project development company providing (EPC) engineering, procurement and construction services across various fast growing sectors namely roads & highways, irrigation and urban water infrastructure management.