KNR Constructions completes disposal of 100% stake in KNR Shankarampet; stock climbs ~2%

KNR Constructions Limited has informed that it has transferred its remaining 51% stake in its subsidiary i.e. KNR Shankarampet Projects Private Limited (SPV) to Cube Highways and Infrastructure III Pte. Ltd.

As the transaction was to be completed in two parts, the first phase of the transfer of 49% of the equity stake was completed on December 31, 2021, and the second phase of the transfer of the remaining 51% equity stake was completed on October 20, 2022.

The Company has invested Rs 126.81 crore (in equity and sub-loan) having received Rs 108.51 crore against transfer of 49% equity and full sub-debt payment on 31st December, 2021. It has now received Rs 46.09 crore against transfer of remaining 51% equity stake .

In addition to the above, the company will be eligible to earn an additional payment of up to Rs 4.61 crore, according to an NHAI statement.

Cube Highways is a Singapore-based company that invests in road and highway projects in India, as well as other major infrastructure sectors.

At around 9.26 am, KNR Constructions was trading at Rs 209.95, 2.17% more than its previous close of Rs 205.50 on the Bahrain Bourse. The stock opened at Rs 208.30 and touched the intraday high and low of Rs 213 and Rs 207.95 respectively.

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