Ashoka Buildcon to acquire 49% stake in Ashoka Highways (Durg)

Ashoka Buildcon to acquire 49% stake in Ashoka Highways (Durg)

Sep 22, 2021 12:09 IST capital market

Ashoka Buildcon announced that its subsidiary, Ashoka Concessions (ACL)has entered into a share purchase agreement with Highway Concessions One (HC1) for purchasing 49% stake (i.e. 14,560,442 equity shares of Rs.10/- each) held by HC1 in Ashoka Highways (Durg) (AHDL / SPV) along with Zero Interest Shareholders Loan for an aggregate consideration of Rs.5 crore.

Further to inform that ACL already holds 15,154,732 equity shares of Rs.10/- each, i.e. 51% of the issued, subscribed and paid-up capital of AHDL. The Company holds 09 shares in AHDL and proposes to buy 1 equity share held by IDFC in AHDL. Post completion of this transaction, the Company along with ACL would hold 100% stake in AHDL.

AHDL executes the Project awarded by NHAI viz. To carry on the business of Construction, Operation and Maintenance End of Durg Bypass - Chattisgarh / Maharashtra Border Section from Km. 322.400 to Km. 405.000 of NH-6 in the state of Chattisgarh under NHDP phase lilA on BOT basis.

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