KNR Constructions surges as it transfers remaining 51% stake in subsidiary company

KNR Constructions is currently trading at Rs. 211.45, up by 5.95 points or 2.90% from its previous closing of Rs. 205.50 on the BSE.

KNR Constructions
KNR Constructions

The scrip opened at Rs. 208.30 and has touched a high and low of Rs. 215.75 and Rs. 207.95 respectively. So far 18174 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 329.80 on 01-Feb-2022 and a 52 week low of Rs. 202.85 on 20-Oct-2022.

Last one week high and low of the scrip stood at Rs. 224.95 and Rs. 202.85 respectively. The current market cap of the company is Rs. 5946.71 crore.

The promoters holding in the company stood at 51.63%, while Institutions and Non-Institutions held 39.01% and 9.36% respectively.

KNR Constructions has transferred its remaining 51% equity stake in subsidiary company ie KNR Shankarampet Projects (SPV) to Cube Highways and Infrastructure III. As the transaction is contemplated to be completed in two stages, the first stage of transfer of 49% equity stake was completed on December 31, 2021 and now the second stage of transfer for remaining 51% equity stake has been completed on October 20, 2022.

The company has invested Rs 126.81 crore (in form of equity & Sub debt) for which the company has received of Rs 108.51 crore against transfer of 49% equity stake and repayment of entire Sub debt on December 31, 2021 and now the company has received Rs 46.09 crore against transfer of remaining 51% equity stake. In addition to the above, the company shall be eligible to receive an additional consideration up to an amount of Rs 4.61 crore subject to receipt of certain approvals form NHAI.

KNR Constructions is a multi-domain infrastructure project development company providing (EPC) engineering, procurement and construction services across various fast growing sectors namely roads & highways, irrigation and urban water infrastructure management.

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