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

The Company holds 09 shares in AHDL and proposes to buy 1 equity share held by IDFC in AHDL.

Sep 22, 2021 03:09 IST India Infoline News Service

Ashoka Buildcon Limited has informed that the Company's Subsidiary i.e. Ashoka Concessions Limited ("ACL") has entered into a share purchase agreement with Highway Concessions One Private Limited ("HC1") for purchasing 49% stake (i.e. 14,560,442 equity shares of Rs.10/- each) held by HC1 in Ashoka Highways (Durg) Limited ("AHDL / SPV") along with Zero Interest Shareholders Loan for an aggregate consideration of Rs5cr (Rupees Five Crore only).

Further, the company added 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.

The completion of the above transaction is subject to completion of customary conditions precedent, said company in a regulatory filing.

Further, 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 IIIA on BOT basis'.

On Wednesday, Ashoka Buildcon ended at Rs95 apiece down by Rs1.15 or 1.2% on the BSE.

Related Story

Open Free Demat Account (Rs699)