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| Exchange Received Time 31/08/2018 15:45:42 Exchange Disseminated Time 31/08/2018 15:45:47 Time Taken 00:00:05 | Ramky Infrastructure Limited has executed a Share Purchase Agreement with Cube Highways Pte.Ltd., Singapore for sale of 100% of the Company's shareholding in NAM Expressway Limited. The sale of 100% equity in NAM Expressway Limited is proposed for a consideration of INR 1400/- million 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 Expressway Limited, the consolidated debt of the company will be reduced by about Rs 13890 million.
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 Limited to Cube Highways Pte Ltd., Singapore is not a related party transaction.
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