KNR Constructions Ltd. to sell stake in SPV to Cube Highways..

KNR Constructions Limitcd (the "Company") has entered into Share Purchase Agreement dated January 9, 2020 with Cube Highways and Infrastructure III Pte. Ltd. (the "Investor") to sell its entire equity stake in a toll road BOT asset viz KNR Walayar Tollways Private Limited (hereinafter referred to as the "SPV"). The Company holds 100% equity in the SPV.
The enterprise value of the assets for this transaction is INR 529.27 Crores excluding claims receivable from NHAI and other governmental instrumentalities, which would be passed through to the Company as and when realised. The transaction is subject to certain conditions precedent including approvals from lenders and NHAI, customary to transactions of this nature and parties anticipate closing of the transaction within next 2-3 months.
Cube Highways and Infrastructure III Pte. Ltd. (Cube Highways) is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India.
EQUITYBULLS