G R Infraprojects Limited (GR Infra) has informed the stock exchanges, BSE Limited and National Stock Exchange of India Limited, about the successful sale and transfer of its wholly-owned subsidiary, GR Aligarh Kanpur Highway Private Limited (GAKHPL), to Bharat Highways InvIT. The transfer took place on 17th September 2024 after the receipt of the consideration.
This announcement follows the company’s earlier intimation on 13th September 2024, and the transfer has been completed as per the regulations outlined in the Securities and Exchange Board of India’s (SEBI) Listing Obligations and Disclosure Requirements (LODR).
Key details of the transaction:
- Buyer: Bharat Highways InvIT, an infrastructure investment trust registered with SEBI.
- Consideration: INR 986.09 crore for the transfer of 100% shareholding in GAKHPL.
- Transaction Date: Sale agreement executed on 13th September 2024, with completion on 17th September 2024.
- Impact on GR Infra: GAKHPL contributed ₹18,077.82 lakhs (1.99%) to consolidated income and ₹15,945.02 lakhs (2.10%) to consolidated net worth as of 31st March 2024. The subsidiary was not a material subsidiary of the company.
Bharat Highways InvIT, the acquirer, is not related to GR Infra’s promoter group or group companies. The transaction has been conducted at arm’s length and does not fall under a related party transaction.
With the completion of this transaction, GAKHPL will no longer be a subsidiary of G R Infraprojects Limited.
