Ashoka Buildcon updates on acquisition of stake in Ashoka Highways (Bhandara)

26 Sep 2022 , 09:34 AM

Ashoka Buildcon Limited has informed that its wholly-owned subsidiary viz. Viva Infrastructure Limited (“VIL”) has acquired 49% stake (1,27,95,399 equity shares of Rs.10/- each fully paid) held by IIF and the Company has acquired One (1) Equity Share of Rs.10/- held by IDFC Limited in Ashoka Highways (Bhandara) Limited (“AHBL / SPV”).

As per the regulatory filing, this is pursuant to share purchase agreement by the Company and Ashoka Concessions Limited with India Infrastructure Fund (IIF). Post-acquisition of 49% stake by VIL, Ashoka Concessions Limited, a subsidiary of the Company along with the Company and VIL hold 2,61,13,062 (100%) shares in AHBL w.e.f. September 23, 2022.

Further, AHBL executes the Project awarded by NHAI viz. ‘To carry on the business of Construction, Operation and Maintenance of Chattisgarh / Maharashtra Border – Wainganga Bridge Section from Km. 405.000 to Km. 485.000 of NH-6 in the state of Chattisgarh and Maharashtra under NHDP phase IIIA on BOT basis’.

At around 9:35 AM, Ashoka Buildcon Ltd is currently trading at Rs76.05 per share down by Rs3.85 or 4.82% from its previous closing of Rs79.90 per share on the BSE.

For feedback and suggestions, write to us at [e-mail]