Ashoka Buildcon to divest its entire stake in GVR Ashoka Chennai ORR

27 Apr 2022 , 09:10 AM

Ashoka Buildcon has entered into a Share Purchase Agreement (SPA) with National Investment and Infrastructure Fund (NIIF) and GVR Ashoka Chennai ORR (CORR) for the sale of 18,90,00,000 equity shares in CORR, constituting 100% of the share capital of CORR, from the Company to NIIF for an aggregate financial consideration of Rs.686 crore subject to adjustment of cash and working capital, discharge of sponsor loans, settlement of trade payables and any recoveries made by the Tamil Nadu Road Development Corporation, as agreed under the share purchase agreement.

The completion of the above transaction is subject to: (i) the Company acquiring 9,45,00,000 equity shares in CORR constituting 50% of the share capital of CORR held by GVR Infra Projects; and (ii) completion of certain conditions precedent including approval of the lenders of CORR and the Government of Tamil Nadu, through the Governor, represented by the Principal Secretary to the Government, Highways and Minor Ports Department.

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