Ashoka Buildcon to acquire 50% stake in GVR Ashoka Chennai ORR

For a consideration of Rs 185 cr

Ashoka Buildcon has entered into a share purchase agreement (SPA) with GVR Infra Projects (GIPL) and GVR Ashoka Chennai ORR (CORR) for the acquisition of 9,45,00,000 equity shares held by GIPL in CORR, constituting 50% of the share capital of CORR, for a consideration of Rs.185 crore subject to terms as agreed under the Share Purchase Agreement (SPA).

Post-acquisition of 50% equity shares held by GIPL, CORR would become wholly-owned subsidiary of the Company with effect from the date of acquisition of all 9,45,00,000 equity shares.

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