KSSF acquires 74% stake in HKR Roadways
May 19, 2021
Has funded the debt in the company for a one-time settlement
Kotak Special Situations Fund (KSSF) on Wednesday announced it has acquired 74 per cent stake in HKR Roadways (HKR) and has funded the debt in the company for a one-time settlement with existing lenders for ₹715 crore.
“This successful funding and resolution of debt is the first one in the road sector for KSSF,” it said in a statement.
HKR, a special purpose vehicle owned by a consortium led by Gayatri Group, was awarded a 25 years concession by the Andhra Pradesh Road Development Corporation (now Telangana government).
Kotak fund acquires 74% stake in HKR Roadways for Rs 715 crore
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Kotak Mahindra Bk arm buys 74% stake in HKR Roadways for 715 crore
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Kotak Special Situations Fund acquires 74% stake in HKR Roadways
businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Gayatri Projects rose 2.8% to Rs 40.35 after the company said it was declared a lowest bidder (L-1) for a project worth Rs 1,323.52 crore in Uttar Pradesh.The scope of the project involves development of six lane access-controlled highway in Uttar Pradesh portion of Delhi Saharanpur Highway on EPC mode under Economic Corridor in phase1 of Bharatmala Pariyojana.
The order was received from National Highway Authority of India (NHAI). The announcement was made during market hours today, 1 January 2021.
Gayatri Projects is the flagship company of the Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry.
On a standalone basis, the company reported 58.5% drop in net profit to Rs 3.33 crore on a 14.4% rise in net sales to Rs 798.23 crore in Q2 FY21 over Q2 FY20.