KNR Constructions has transferred its remaining 51% equity stake in subsidiary company ie KNR Shankarampet Projects (SPV) to Cube Highways and Infrastructure III. As the transaction is contemplated to be completed in two stages, the first stage of transfer of 49% equity stake was completed on December 31, 2021 and now the second stage of transfer for remaining 51% equity stake has been completed on October 20, 2022.
The company has invested Rs 126.81 crore (in form of equity & Sub debt) for which the company has received of Rs 108.51 crore against transfer of 49% equity stake and repayment of entire Sub debt on December 31, 2021 and now the company has received Rs 46.09 crore against transfer of remaining 51% equity stake. In addition to the above, the company shall be eligible to receive an additional consideration up to an amount of Rs 4.61 crore subject to receipt of certain approvals form NHAI.
KNR Constructions 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.
