All stakeholders of Ghaziabad Aligarh Expressway Private Limited (GAEPL) – PNC Infratech Limited, Galfar Engineering and Contracting SAOG and Bharat Road Network Limited (BRNL) – have executed share purchase agreements (SPAs) with Cube Highways and Infrastructure Private Limited for divestment of their entire stake in the special purpose vehicle. PNC Infratech Limited has executed an SPA with Cube Highways and Infrastructure for sale of its entire stake, that is, 29,324,000 equity shares, representing 15.12 per cent of the total shareholding in GAEPL. PNC Infra Holdings Limited, a wholly owned subsidiary of PNC Infratech Limited, holding 38,576,000 equity shares, representing 19.88 per cent of the total shareholding in GAEPL has also entered into the aforementioned SPA for disinvestment of its entire stake in GAEPL to Cube Highways and Infrastructure. Also, Galfar Engineering and Contracting SAOG and BRNL have entered into an SPA with Cube Highways and Infrastructure for divestment of their entire 26 per cent and 39 per cent stake, respectively, in GAEPL.
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