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Ramky Infra Ltd has executed a share purchase agreement with Cube Highways pte. Ltd of Singapore for the sale of 100 per cent of the company's shareholding in NAM Expressway Ltd.
The sale of 100 per cent equity in NAM Expressway is proposed for a consideration of Rs 140 crore along with all its liabilities. The sale proceeds will be used to reduce the company’s debt.
The Hyderabad-based infrastructure company, having obtained various approvals from authorities and senior lenders for the change in ownership, is in the process of achieving financial closure formalities.
According to YR Nagaraja, Managing Director of Ramky Infrastructure, “Consequent to the sale of 100 per cent shareholding in NAM Expressway Ltd, the consolidated debt of the company will be reduced by about Rs 1529 crore.”
Sale of NAM Expressway Ltd to Cube Highways pte Ltd, Singapore is not a related party transaction.
In yet another major development, Ramky Enviro Engineers Ltd, a company promoted by Ramky Infra promoters Alla Ayodhya Rami Reddy, has closed a major stake sale deal wherein investment major KKR acquired 60 per cent stake in it for $530 million. The investment has pegged the enterprise value of the company at $925 million.
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