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KNR Constructions on Friday entered into a share purchase agreement with Cube Highways and Infrastructure III Pte Ltd (investor) for KNR Shankarampet Projects Pvt Ltd, an SPV. The company will sell its entire shareholding in the SPV to Investo, subject to the agreement executed between the National Highway Authority of India and the SPV. The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after achievement of the commercial operations date, and the second after expiry of the mandatory lock-in period. The sale is for one HAM project, which is at different stages of pre-construction. The company is expected to invest ₹53.16 crore (in the form of equity and sub debt) against which the company is expected to receive ₹95.79 crore, which may undergo some changes at the time of COD. The stock of KNR closed 1.68 per cent lower at ₹234.15 on the BSE.
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