A material subsidiary of Ashoka Buildcon Limited viz. Ashoka Concessions Limited (ACL) has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd., an affiliate of funds, vehicles, and entities managed and/or advised by Kohlberg Kravis Roberts & Co. L.P., for sale of the entire share capital (which will also include repayment of any shareholder loans) held in the following subsidiaries.
Ashoka Highways (Bhandara) Limited; Ashoka Highways (Durg) Limited; Ashoka Belgaum Dharwad Tollway Limited; Ashoka Sambalpur Baragarh Tollway Limited; and Ashoka Dhankuni Kharagpur Tollway Limited The aggregate consideration received for such sales is Rs1337cr, subject to adjustments for cash and debt like items as agreed under the respective share subscription and purchase agreements.
“The completion of the above transactions is subject to completion of certain conditions precedent including approval of the lenders of the respective subsidiaries and National Highway Authority of India,” company said in a filing on Saturday.
At around 9.29 am, Ashoka Buildcon Ltd was trading at Rs97.30 per piece up Rs5.15 or 5.59% from its previous closing of Rs92.15 on the BSE. The scrip opened at Rs95 and has touched a high and low of Rs99 and Rs95 respectively.
