KNR Constructions Limited to sell BOT asset to Cube Highways

KNR Constructions Limited has entered into a share purchase agreement dated January 9, 2020 with Cube Highways and Infrastructure III Private Limited to sell its entire equity stake in the toll road BOT asset KNR Walayar Tollways Private Limited. The company holds a 100 per cent equity stake in the special purpose vehicle (SPV). The enterprise value of the assets from this transaction is Rs 5.29 billion and that would be passed through to the company as and when realised. The transaction is subject to certain conditions precedent, including approvals from the lenders and NHAI, and is expected to be closed within the next two-three months.

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