KNR Constructions enters into share purchase agreement with Cube Highways for Shankarampet road SPV

KNR Constructions Limited has entered into a Share Purchase Agreement with Cube Highways and Infrastucture II Pte Limited for KNR Shankarampet Projects Private Limited, a special purpose vehicle (SPV).

Following the agreement, the company in a phased manner will sell to investor its entire shareholding in the Road SPV, subject to shareholding transfer restrictions set out in the concession agreement executed between National Highway Authority of India and the SPV and subject to various regulatory and lender approvals.

The transaction is contemplated to be completed in two stages, with the first stage scheduled to be completed after achievement of the Commercial Operation Date (COD) as per the Concession Agreement and the second stage scheduled to be completed after expiry of mandatory lock in period as per the agreement.