Ashoka Buildcon Ltd acquires balance stake in SPV ABSRPL

Ashoka Buildcon Limited ("the Company") has further acquired balance 40% stake in equity share capital of Ashoka Bettadahalli Shivamogga Road Private Limited ('ABSRPL') viz., 20000 equity shares of Rs.10/- each for an aggregate consideration of Rs.2,00,000/- (Rupees Two Lakh only). ABSRPL is now a wholly owned subsidiary of the Company post the abovementioned acquisition.

ABSRPLL executes the Project awarded by NHAI viz. Four Lanning of Tumkur - Shivamogga Section from Ch.170+415 km. to Ch.226+750 km., Bettadahalli - Shivamogga Section of NH-206 on Hybrid Annuity mode under Bharatmala Pariyojana in the State of Karnataka (Package IV) awarded by National Highways Authority of India ("NHAI").

The Project was awarded in March 2019. The Total estimated Cost of the Project is Rs.1157.22 Crore. The SPV is in process of completing its financial closure post signing of Concession Agreement.

The SPV is governed by the Concession Agreement executed with National Highways Authority of India (NHAl). No regulatory approvals are required; however NHAI will be notified of the transaction.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 97.4 as compared to the previous close of Rs. 97.8. The total number of shares traded during the day was 72403 in over 1306 trades.

The stock hit an intraday high of Rs. 97.95 and intraday low of 96.6. The net turnover during the day was Rs. 7052897.

Source : Equity Bulls

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