Ashoka Buildcon to sell stake in SPV to NIIF for Rs. 686 crore

Ashoka Buildcon Limited ("the Company") has entered into a Share Purchase Agreement ("SPA") with National Investment and Infrastructure Fund Limited ("NIIF") and GVR Ashoka Chennai ORR Limited ("CORR") for the sale of 18,90,00,000 equity shares in CORR, constituting 100% of the share capital of CORR, from the Company to NIIF for an aggregate financial consideration of Rs.686,00,00,000/- (Rupees Six Hundred Eighty Six Crore only) subject to adjustment of cash and working capital, discharge of sponsor loans, settlement of trade payables and any recoveries made by the Tamil Nadu Road Development Corporation Limited, as agreed under the share purchase agreement.

The completion of the above transaction is subject to: (i) the Company acquiring 9,45,00,000 equity shares in CORR constituting 50% of the share capital of CORR held by GVR Infra Projects Limited; and (ii) completion of certain conditions precedent including approval of the lenders of CORR and the Government of Tamil Nadu, through the Governor, represented by the Principal Secretary to the Government, Highways and Minor Ports Department.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 87.55 as compared to the previous close of Rs. 87.40. The total number of shares traded during the day was 63646 in over 1143 trades.

The stock hit an intraday high of Rs. 91.80 and intraday low of 87.20. The net turnover during the day was Rs. 5595722.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 StakeSale GVRAshokaChennaiORR NIIF