KNR Constructions informed the exchanges Thursday that the company has entered into Share Purchase Agreement dated January 09, 2020 with Cube Highways and Infrastructurc III Pte. Ltd. (the "Investor") to sell its entire equity stake in a toll road BOT asset vi.z KNR Walayar Tollways Private Limitcd (hereinafter referred to as the "SPV"). The company holds 100% equity in the SPV.
The stock has surged more than 9% in trade today.
The enterprise value of the assets for this transaction is Rs529.27cr excluding claims reccivable from NHAI and other governmental instrumentalities, which would be passed through to the company as and when realised. The transaction is subiect 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.
Stock view:
KNR Constructions Ltd is currently trading at Rs277.45 up by Rs22.9 or 9% from its previous closing of Rs254.55 on the BSE.
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