Road Deal: GIP and Vinci Highways acquires HKR Roadways, Shardul Amarchand advises

Global Infrastructure Partners through GIP EM India Highways Pte. Limited and VINCI Highways SAS have acquired HKR Roadways Limited.

HKR Roadways has a concession through 2036 that comprises the four-lane Hyderabad-Karimnagar-Ramagundam stretch in Telangana state, awarded by the Andhra Pradesh Road Development Corporation.

A securities purchase and subscription agreement was executed amongst the purchasers for: (a) acquisition of 100% of the shares held by GHL and KSSF in HKR by GIP and VINCI; (b) redemption of 100% of the cumulative redeemable preference shares held by GHL and KSSF by HKR; (c) redemption of 100% of the non-convertible debentures held by KSSF; and (d) the repayment of the term loan availed by HKR from Axis Bank Limited and Kotak Mahindra Bank Limited.

Shardul Amarchand Mangaldas & Co advised HKR Roadways on this transaction.

The transaction team consisted of Deepto Roy (Partner), Dnyanraj Desai (Partner) Pranav Nanda (Principal Associate), Shubham Sharma (Principal Associate), Subhojit Das (Senior Associate), and Charana Reddy (Associate).

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