KNR Shankarampet Projects Private Limited, a special purpose vehicle (SPV) of KNR Constructions Limited has entered into a Share Purchase Agreement (SPA) with Cube Highways and Infrastructure II Pte Limited.
As per the agreement between KNR Constructions, Cube Highways and Infrastructure II Pte Limited, the purchase will be completed in two stages. The first stage will be completed after the achievement of the Commercial Operation Date (COD) and the second – upon expiry of mandatory lock in period.
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.