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KNR Constructions Ltd. on Friday announced that the company has transferred its remaining 51 percent equity stake in subsidiary company KNR Shankarampet Projects Pvt. Ltd. to Singapore-based Cube Highways and Infrastructure III Pte Ltd.

The first stage of transferring the 49 percent equity stake was completed on December 31, 2021.

The share purchase agreement between the two companies was executed on August 16, 2019.

KNR Constructions said that it had invested Rs 126.81 crore (in the form of equity and sub-debt) in its subsidiary KNR Shankarampet Projects, for which the company received Rs 108.51 crore against the transfer of 49 percent equity stake and repayment of the entire sub-debt on December 31, 2021. The company has now received Rs 46.09 crore against the transfer of the remaining 51 percent equity stake.

In addition, KNR Constructions shall be eligible to receive additional consideration of up to Rs 4.61 crore subject to the receipt of certain approvals from the National Highways Authority of India.

KNR Shankarampet Projects recorded a turnover of Rs 267.04 crore in the last financial year and contributed 7.41 percent to the consolidated revenue of KNR Constructions during the period.

Shares of KNR Constructions are up 3 percent at Rs 211.40 as of 3.05 percent. The stock is recovering from its 52-week low.

(Edited by : Rukmani Krishna)