KNR construction nods stake dilution in three Cube Highways projects

02 Sep 2021 CW Team

Hyderabad-based KNR Constructions Limited nodded the dilution of its entire stake in three wholly-owned subsidiary highway companies to Cube Highways and Infrastructure III Private Limited and affiliates.

As per the board of directors' approval, the construction company decided to dilute its stake in KNR Shankarampet projects, KNR Srirangam Infrastructure, and KNR Tirumala Infrastructure subject to approval from the company's members and approval from regulatory bodies and lenders.

As per the concession agreement and Ministry of Road Transport and Highways (MoRTH) circulars, the transaction will be based on the share purchase agreements entered into through KNR constructions and its affiliates.

While the KNR Shankarampet project has a turnover of Rs 367.77 crore and a net value of Rs 136.86 crore, KNR Srirangam has a turnover of Rs 241.11 crore and a net value of Rs 98.23 crore and KNR Tirumala has a turnover of Rs 425.44 crore and a net value of Rs 176.66 crore.

The estimated consideration for these projects, on completion, is anticipated to be Rs 466 crore.

The company had entered into a share purchase agreement for these three special purpose vehicles (SPV) divestment with Cube highways.

The transaction is subject to shareholding transfer restrictions set out in the concession agreement performed between the National Highways Authority of India (NHAI) and these step-down subsidiaries, and other approvals.

As of June end, 2021, the KNR construction company commands a strong order book of Rs 6,596 crore.

In FY21, KNR constructions and its subsidiaries closed with Rs 2,903.63 crore, and its consolidated net value was Rs 1,976.47 crore.

On Monday, KNR shares closed at Rs 320.90, up 0.56% on the Bombay stock exchange (BSE).

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