Ashok Buildcon rises on raising Rs 825-cr from SBI Macquarie

The funds raised will be deployed for seven specified large-sized projects

Ashok Buildcon is trading higher by 7% at Rs 272 after the company said two private equity funds managed jointly by SBI and Macquarie Bank of Australia will invest $150 million (Rs 825 crore) in select infrastructure projects.

“Macquarie SBI Infrastructure Fund and SBI Macquarie Infrastructure Trust, both of which are private equity funds managed by State Bank of India and Macquarie, will make the investment into Ashoka Concessions Ltd, a subsidiary of Ashoka Buildcon,” the company announced to the stock exchanges today.

The funds raised from SBI Macquarie will be deployed for seven specified large-sized projects that involve a total cost of $1.6 billion.

 

The stock opened at Rs 253 and hit a high of Rs 283 on the NSE. A combined 83,048 shares have changed hands on the counter so far on both the exchanges.