The shares of G R Infraprojects were trading at ₹1,639.85, down by ₹4.75 or 0.29 per cent on the NSE today at 10.50 am, a day after G R Infraprojects Limited completed the sale of its wholly-owned subsidiary, GR Aligarh Kanpur Highway Private Limited (GAKHPL), to Bharat Highways InvIT.
The transaction, finalised on September 17, 2024, was executed for a consideration of ₹98,60,90,000. The company had previously announced the agreement on September 13, 2024. GAKHPL contributed 1.99 per cent to G R Infraprojects’ consolidated income and 2.10 per cent to its consolidated net worth as of March 31, 2024.
Bharat Highways InvIT, the buyer, is an infrastructure investment trust registered with SEBI in August 2022. The sale is considered a related party transaction and was conducted at arm’s length. Following the transfer, GAKHPL ceases to be a subsidiary of G R Infraprojects Limited.