Stock Report

Ashoka Buildcon Ltd updates on acquisition of stake in Ashoka Highways (Bhandara) Limited



Posted On : 2022-09-24 11:52:02( TIMEZONE : IST )

Ashoka Buildcon Ltd updates on acquisition of stake in Ashoka Highways (Bhandara) Limited

Ashoka Buildcon Limited's ("the Company") Wholly Owned Subsidiary viz. Viva Infrastructure Limited ("VIL") has acquired 49% stake (1,27,95,399 equity shares of Rs.10/- each fully paid) held by IIF and the Company has acquired One (1) Equity Share of Rs.10/-, held by IDFC Limited in Ashoka Highways (Bhandara) Limited ("AHBL / SPV").

This is pursuant to share purchase agreement by the Company and Ashoka Concessions Limited with India Infrastructure Fund (IIF). Post-acquisition of 49% stake by VIL, Ashoka Concessions Limited, a subsidiary of the Company along with the Company and VIL hold 2,61,13,062 (100%) shares in AHBL w.e.f. September 23, 2022.

AHBL executes the Project awarded by NHAI viz. 'To carry on the business of Construction, Operation and Maintenance of Chattisgarh / Maharashtra Border - Wainganga Bridge Section from Km. 405.000 to Km. 485.000 of NH-6 in the state of Chattisgarh and Maharashtra under NHDP phase IIIA on BOT basis'.

Source : Equity Bulls

Keywords

AshokaBuildcon VivaInfrastructure StakeAcquisition IIF AshokaHighwaysBhandara