KNR Construction is doing pretty well today morning. After closing yesterday at Rs.254.55, it opened today at Rs.260, going on to an intraday high at Rs.282. Its 52-week high is at Rs.303.30.
The stock has reacted positively to the news that it has entered into a share purchase agreement with Cube Highway and Infrastructure III Pte to see its entire stake in a toll road BOT asset- KNR Walayar Tollways Private Limited (SPV). KNR holds 100% stake in this SPV.
The enterprise value of the assets for this transaction is Rs 529 crore, excluding claims receivable from NHAI and other government instrumentalities, which would be passed through to the company, as and when realised.
The company expects to close this transaction in the next 2-3 months.
Cube l-Iighways and Infrastructure III Pte. Ltd. (Cube Highways) is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in lndia.