Gayatri Highways Limited — Important, 17-01-2025: General Updates

Gayatri Highways Limited has provided an update regarding its proposed acquisition of a 23% equity share in HKR Roadways Limited from Kotak Special Situations Fund. The initial plan was to complete the acquisition within 120 days of acceptance by the existing shareholders, with a target completion date before the end of April 2025. However, the company has disclosed that certain conditions outlined in the Securities Purchase and Subscription Agreement, dated September 6, 2024, were not fulfilled by the Long Stop Date. Consequently, the parties involved have mutually agreed to terminate the agreement, and the acquisition proposal has been withdrawn. This development may impact the company's strategic direction and future growth plans, warranting close observation from investors.