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

Ashoka Buildcon has entered into a share purchase agreement with India Infrastructure Fund (IIF) for purchasing directly or through its subsidiary, 49% stake (i.e.1,27,95,399 equity shares of Rs.10/- each) held by IIF in Ashoka Highways (Bhandara) (AHBL / SPV) along with Zero Interest Shareholders Loan for an aggregate consideration of Rs.35.98 crore.

The Company already holds 09 shares in AHBL. Ashoka Concessions, a subsidiary of the Company holds 1,33,17,653 equity shares of Rs.10/- each, i.e. 51% of the issued, subscribed and paid-up capital of AHBL. Post completion of this transaction, the Company along with subsidiary/ies would hold 100% stake in AHBL.

The completion of the above transaction is subject to receipt of the approvals from National Highways Authority of India (NHAI) and if required, from Lenders.

AHBL is currently executing 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.'

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