Bharat Road Network has entered into a share purchase agreement with Cube Highways and Infrastructure, for sale of its holding in Ghaziabad Aligarh Expressway (GAEPL), an ‘associate’ of the Company. The proposed transaction is subject to applicable regulatory and other approvals and certain conditions, more specifically laid down in the Share Purchase Agreement.
The equity value of the proposed transaction is subject to adjustments of debt and other capital and operational costs at closing date and hence, net consideration receivable is not ascertainable at this stage.
Cube Highways and Infrastructure is an infrastructure company based in Singapore, with the aim of acquiring and operating portfolio of highway and transportation infrastructure assets.
Bharat Road Network is an infrastructure company. It is engaged in the development and implementation of important roads and highways. The firm caters to the requirements of build–operate–transfer sector.