Ashoka Buildcon subsidiary raises $150 mn from SBI Macquarie JV

Ashoka Buildcon Limited ("Ashoka") today announced that Macquarie SBI Infrastructure Fund (MSIF) and SBI Macquarie Infrastructure Trust (SMIT), both of which are private equity funds managed by the State Bank of India and Macquarie, will together invest USD 150 mn in Ashoka's 100% subsidiary Ashoka Concessions Limited ("ACL").

ACL will currently domicile a portfolio of 7 large sized projects amounting to a project cost of $1.6 bn. It is raising $150 mn from private equity funds managed by the above Joint Venture for funding the existing portfolio of ACL. While Ahoka shall continue to bring in its engineering, construction and project management capability, association with the SBI Macquarie Joint Venture will enhance its credentials.

Ernst & Young acted as the exclusive financial advisor to Ashoka for this fund raising exercise.

The Ashoka Buildcon Ltd stock was trading at Rs.272, up by Rs.17 or 6.67%. The stock hit an intraday high of Rs.279.40 and low of Rs.255.

The total traded quantity was 32330 compared to 2 week average of 1693.

Source : Equity Bulls

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