Ashoka Buildcon Limited updates on acquisition of stake in Ashoka Highways Durg Limited

Ashoka Buildcon Limited (the Company) has announced that the Company's Subsidiary i.e. Ashoka Concessions Limited (ACL) has entered into a share purchase agreement with Highway Concessions One Private Limited (HC1) for purchasing 49% stake (i.e. 14,560,442 equity shares of Rs.10/- each) held by HC1 in Ashoka Highways (Durg) Limited ("AHDL / SPV") along with Zero Interest Shareholders Loan for an aggregate consideration of Rs.5,00,00,000/- (Rupees Five Crore only).

ACL already holds 15,154,732 equity shares of Rs.10/- each, i.e. 51% of the issued, subscribed and paid-up capital of AHDL. The Company holds 09 shares in AHDL and proposes to buy 1 equity share held by IDFC in AHDL. Post completion of this transaction, the Company along with ACL would hold 100% stake in AHDL.

The completion of the above transaction is subject to completion of customary conditions precedent.

AHDL executes the Project awarded by NHAI viz. 'To carry on the business of Construction, Operation and Maintenance End of Durg Bypass - Chattisgarh / Maharashtra Border Section from Km. 322.400 to Km. 405.000 of NH-6 in the state of Chattisgarh under NHDP Phase IIIA on BOT basis'.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 96.15 as compared to the previous close of Rs. 97.15. The total number of shares traded during the day was 145764 in over 2563 trades.

The stock hit an intraday high of Rs. 98.8 and intraday low of 95.45. The net turnover during the day was Rs. 14015163.

Source : Equity Bulls

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