+
KNR construction nods stake dilution in three Cube Highways projects
ROADS & HIGHWAYS

KNR construction nods stake dilution in three Cube Highways projects

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).

Image Source


Also read: RInfra plans to sell five road assets to Singapore’s Cube Highways

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). Image Source Also read: RInfra plans to sell five road assets to Singapore’s Cube Highways

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?