Published On:October 13 2021
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Gayatri Highways Ltd. to acquire stake in Cyberabad Expressways Ltd.

Gayatri Highways Limited (the "Company") has proposed to acquire 11.54% of Equity Share Capital and 11.54% of Optionally Convertible Debentures (OCD's) in Cyberabad Expressways Limited (the "Target Company") from the Existing Security Holder of the Target Company.

The Existing Shareholder of Target Company has agreed for sale of their 11.54% equity shareholding [2,28,462 fully paid up equity shares of face value of INR 10/- each for a consideration of INR 5.22/- each share aggregating to INR 11,92,572/-] and 11.54% of Optionally Convertible Debentures (OCD's) [49,32,692 (OCD's) of face value of INR 10/- each for a consideration of INR 5.22/- each debenture aggregating to INR 2,57,48,652/-] to Gayatri Highways Limited, Total consideration for acquisition amounting to INR 2,69,41,224/-.

The Target Company is engaged in the business of undertaking infrastructure Projects.

Cyberabad Expressways Limited was incorporated with the business to Design, Construction, Development, Operation and Maintenance of Eight lane access controlled expressway under Phase II A programmeas an extension of Phase I of Outer Ring Road (ORR) to Hyderabad City in the state of Andhra Pradesh, India, for the package from Kollur to Patancheru from Km. 12.00 to Km. 23.70 (Project Reference No. ORR/PH/-IIA/BOT/AP2) on Build, Operate and Transfer (BOT) Annuity Basis.

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