Shardul Amarchand Mangaldas & Co advises Kotak Special Situations Fund and Gayatri Highways Limited on sale of 100% stake in HKR Roadways Limited to Cube Highways

September 10, 2026

Shardul Amarchand Mangaldas & Co (SAM) advised Kotak Special Situations Fund and Gayatri Highways Limited on the complete divestment of their interest in HKR Roadways Limited to Cube Highways and Infrastructure V Pte Limited.

HKR Roadways Limited is an Indian special purpose vehicle (SPV) undertaking the four-laning of the Hyderabad–Karimnagar–Ramagundam Road (SH-1) in Telangana under a DBFOT concession agreement with the Government of Telangana. The transaction involved the sale of the SPV’s equity shares, along with the redemption of its CRPS and NCDs, funded through proceeds from Cube Highways’ primary investment. The transaction was completed on September 8, 2026.

The transaction involved a complex structure comprising a W&I-backed warranty package with limited recourse to the Sellers, alongside equity acquisition, primary infusion and CRPS/NCD redemptions implemented through a staggered closing mechanism.

SAM had also advised Kotak Special Situations Fund on its initial investment in HKR Roadways in 2021 and subsequently on various refinancings, effectively acting as its counsel through the life of the investment.

The SAM team comprised Deepto Roy, Partner; Shubham Sharma, Partner; Vaibhav Gwalani, Senior Associate; and Harshita Chitlangia, Associate.