KNR Constructions Ltd announced on Friday that it had transferred its remaining 51% stake in subsidiary KNR Shankarampet Projects Pvt Ltd to Singapore-based Cube Highways and Infrastructure III Pte Ltd.

On December 31, 2021, the first phase of the 49% equity transfer was completed. The share purchase agreement between the two companies was signed on August 16, 2019.

KNR Constructions said it had invested Rs 126.81 crore (in the form of equity and subordinated debt) in its subsidiary KNR Shankarampet Projects, which received Rs 108.51 crore on December 31 for the transfer of 49% equity and full repayment 2021 Payments to Years of Child Debt, 2018. The company has now received Rs 46.09 crore for transferring the remaining 51% stake.

In addition, KNR Constructions will be eligible for additional consideration of up to Rs 4.61 crore, subject to 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, contributing 7.41% to KNR Constructions’ consolidated revenue. Shares of KNR Constructions rose 3% or 3.05% to Rs 211.40. The stock is recovering from a 52-week low.