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| Exchange Disseminated Time 05/12/2015 10:57:45 | PNC Infratech Ltd has informed BSE that the Company has approved the sale of investment and execution of Share Purchase Agreement thereof, held by the Company in Jaora - Nayagaon Toll Road Company Private Limited (“SPV”) in the form of 2,44,23,700 equity shares representing 8.51% of the share capital of the SPV, to Viva Highways Limited for an aggregate consideration of Rs. 34,19,31,800/- (Rupees Thirty Four Crores, Nineteen Lakhs, Thirty One Thousand and Eight Hundred only). Accordingly, the Company has entered into a Share Purchase Agreement with Viva Highways Limited, which has made payment of an advance towards the consideration under the Share Purchase Agreement.
The completion of the sale is subject to satisfaction of the conditions precedent mentioned in the Share Purchase Agreement by the parties, including receipt of approvals of the lenders of the SPV. |
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