Ashoka Buildcon Ltd acquires 60% stake in Ashoka Bettadahalli Shivamogga Road Private Limited

Ashoka Buildcon Limited ("the Company") has acquired 60% stake in equity share capital of Ashoka Bettadahalli Shivamogga Road Private Limited ('ABSRPL') viz., 30000 equity shares of Rs.10[ each for an aggregate consideration of Rs.3,00,000/- (Rupees Three Lakh only).

ABSRPL was a step down subsidiary of the Company prior to 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 turnover for FY 2020-21 is Rs.0.48 Crore.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 99.5 as compared to the previous close of Rs. 94.95. The total number of shares traded during the day was 1039526 in over 4356 trades.

The stock hit an intraday high of Rs. 99.9 and intraday low of 96. The net turnover during the day was Rs. 101854695.

Source : Equity Bulls

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