KNR Constructions Limited has entered into a share purchase agreement with Cube Highways and Infrastructure III Private Limited for KNR Tirumala Infra Private Limited and KNR Chidambaram Infra Private Limited, pursuant to which the company will sell its entire shareholding in the special purpose vehicles (SPVs) to the investor, in a phased manner. For the HAM-based project being undertaken by KNR Tirumala Infra Private Limited, the company is expected to invest Rs 0.73 billion in the form of equity and sub-debt against which it is expected to receive Rs 1.52 billion. For the HAM project being undertaken by KNR Chidambaram Infra Private Limited, the company is expected to invest Rs 0.23 billion in the form of equity and sub-debt against which it is expected to receive Rs 0.36 billion. During the same time, KNR Constructions also agreed to sell KNR Srirangam Infra Private Limited in a similar deal to Cube Highways and Infrastructure for Rs 736 million.
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