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KNR Constructions to sell 3 highway projects to Cube Highways for Rs.466-Cr

BSE Disclosure   Business Line  

Publicly listed KNR Constructions Limited is to sell its stake in its three wholly owned highway SPV companies to IFC and I Squared Capital promoted toll roads focused investor Cube Highways (via Cube Highways and Infrastructure III Pte. Ltd and affiliates) for INR 466 crore. The SPVs being sold include KNR Shankarampet Projects, KNR Srirangam Infra, and KNR Tirumala Infra. At the end of the last financial year, while the KNR Shankarampet Project had reported a turnover of INR 367.77 crore and a net worth of INR 136.86 crore, KNR Srirangam had reported a turnover of INR 241.11 crore and a net worth of INR 98.23 crore and KNR Tirumala had reported a turnover of INR 425.44 crore and a net worth of INR 176.66 crore.

From the Venture Intelligence PE-VC Deal Database: KNR Constructions had entered into agreements with Cube Highways for 100% stake sales in these projects in 2019. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)