Gayatri Highways Limited has proposed to acquire 12.71% of Equity Share Capital in HKR Roadways Limited from the Existing Shareholder of the Target Company.
The Existing Shareholder of HKR Roadways Limited has agreed for the sale of their equity shareholding to Gayatri Highways Limited 5,89,997 fully paid-up equity shares of the face value of Rs10 each aggregating to Rs58,99,970.
"The Target Company is engaged in the business regarding four laning of the roads in the state of Telangana under Public Private Partnership (PPP) as Build, Operate and Transfer (BOT) basis and to collect toll, charges and fees from the users of the said project," company said in a regulatory filing on Monday.