The company, having obtained the approval of authorities and senior lenders for the change in ownership is in the process of achieving the closure formalities.
Share price of Ramky Infrastructure added 5 percent intraday Monday as company sold its entire shareholding in NAM Expressway for Rs 140 crore.
The company has executed a share purchase agreement with Cube Highways Pte., Singapore for sale of 100 percent shareholding in NAM Expressway for Rs 140 crore along with all its liabilities.
The sale proceeds shall be used to reduce the debt of the company. Consequent to the sale of 100% shareholding in NAM, the consolidated debt of the company will be reduced by about Rs 1,529 crore, company said in release.
The company, having obtained the approval of authorities and senior lenders for the change in ownership is in the process of achieving the closure formalities.
Sale of NAM Expressway to Cube Highways Pte, Singapore is not a related party transaction.
The company's annual general meeting (AGM) is to be held on September 25, 2018.
At 09:54 hrs Ramky Infrastructure was quoting at Rs 208.90, up Rs 4.65, or 2.28 percent on the BSE.
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