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KNR Constructions Limited has entered into a Share Purchase Agreement with Cube Highways and Infrastucture II Pte Limited for KNR Shankarampet Projects Private Limited, a special purpose vehicle (SPV).
Following the agreement, the company in a phased manner will sell to investor its entire shareholding in the Road SPV, subject to shareholding transfer restrictions set out in the concession agreement executed between National Highway Authority of India and the SPV and subject to various regulatory and lender approvals.
The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after achievement of the Commercial Operation Date (COD) as per the Concession Agreement and the second stage scheduled to be completed after expiry of mandatory lock in period as per the agreement.
The sale is for an HAM (Hybrid Annuity Model) project which is at different stages of construction. The company is expected to invest Rs 63.16 crore in the form of equity and debt against which the company is expected to receive Rs 95.79 crore . This may undergo some changes at the time of COD, the company informed BSE.
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