Kotak Special Situations Fund acquires 74 per cent of stressed HKR Roadways

The Kotak Special Situations Fund has announced its eighth deal to acquire a 74 per cent stake in stressed HKR Roadways Limited owned by a consortium led by Gayatri Projects Limited. The alternative investment arm of Kotak Investment Advisors Limited bought the stake by settling up with lenders, led by government-owned Canara Bank, for $98 million. Besides Canara Bank, the other lenders are Punjab National Bank, Union Bank of India,  Indian Overseas Bank, the India Infrastructure Finance Company, the Indian Bank and Bank of Baroda.

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