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KNR Constructions Limited Capital/Financing Update 2019
61868_rns_2019-02-11_72d8298e-62d5-4c10-9a63-198ae4bff8c5.pdf
Capital/Financing Update
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Dated I 11hFebruary 2019 To The Dept. of Corporate Services, B S E Limited P J Towers, Dalal Street, Fort, MUMBAI - 40000 I Fax: +91 - 22- 2272 2037/39/41 +912222723121/3719/1557
Ref: KNRCLlSD/20 191 32 & 33
To ational Stock Exchange of India Limited "Exchange Plaza", Bandra Kurla Complex, Bandra (E), MUMBAI- 400051 Fax: +91- 22- 6641 8124/25/26 +91 2226598237/38, +91 222659 8347/48
Sub: - Intimation under Regulation 30 read with Part A of Schedule 11I of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015
Ref: - K R Constructions Limited BSE Script Code: 532942, SE Symbol: K RCON
We wish to inform you that KNR Constructions Limited (the "Company") has entered into Share Purchase Agreement dated February 11,2019 with Cube Highways and Infrastructure III Pte. Ltd. (the "Investor") for KNR Chidambaram Infra Private Limited (hereinafter referred to as the "SPV") Pursuant to which the Company will, in a phased manner, sell to the Investor its entire shareholding in the SPY, subject to the shareholding transfer restrictions set out in the concession agreement executed between ational Highway Authority of India and the SPY 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 (the "COD") as per Concession Agreement and the second stage scheduled to be completed after expiry of mandatory lock-in period as per the Concession Agreement.
The sale is for one HAM project, which is at different stages of pre-construction. The Company is expected to invest Rs. 23.21 Crores (in form of equity & Sub debt) against which the Company is expected to receive a total of Rs. 36.46 Crores through this transaction, which may undergo some changes at the ti me of CO D.
The detai Is of the transaction are provided in Annexure I hereto. This is for your information and records.
Kindly take the same on record and acknowledge receipt. Thanking you
Regd.Office: 'KNR House',3rd & 4th Floor,Plot No.114,Phase-I,Kavuri Hills, Hyderabad -500 033 Phone.:+91-40-40268759 ,40268761/62, Fax: 040- 40268760,E-mail : [email protected],Web : www.knrcl.com CIN .:L74210TG1995PLC130199
Annexure I
| Sr.No. | Detailsrequiredtobedisclosed | DisclosurebytheCompany |
|---|---|---|
| I. | Theamountandpercentageof theturnoverorrevenueor incomeandnet worthcontributedbysuchunitor divisionof thelistedentityduringthe last financialyear | Nil |
| 2. | Dateon whichtheagreementforsalehasbeenenteredinto | FebruaryI I, 2019 |
| '1J. | Theofcompletionofexpecteddatesale/disposal | Thedivestmentshallbeundertakenposttheach ievementoftheCODfortheprojectsand111conformancewiththeprovisionsoftherespectiveConcessionAgreement(s) |
| 4. | Considerationreceivedfromsuch sale/disposal.---- | Rs. 36.46Crores(Approx) |
| 5. | Brief detai Is of buyer | andCubeHighwaysInfrastructureIII Pte.Ltd is acompanysetupin Singaporewiththeobjectiveofacqumngandoperatingortransportationprojects. |
| 6. | Whetheranyofthebuyersbelongtothepromoter/promotergroup/groupcompanies.Ifyes, detailsthereof. | No |
| 7. | Whetherthetransactionwouldfallwithinrelatedpartytransactions?Ifyes,whetherthesameis doneat "arm'slength" | No |