Team News Riveting
Mumbai, September 22
Ashoka Buildcon Limited (ABL) through its subsidiary Ashoka Concessions Limited (ACL) has acquired remaining shares held by Highway Concessions One Private Limited (HC1) in Ashoka Highways (Durg) Limited.
An arm of ABL, the Ashoka Highways (Durg) Limited (AHDL), executes the project awarded by the National Highway Authority of India (NHAI) to carry on the business of Construction, Operation and Maintenance end of Durg Bypass – Chhattisgarh/Maharashtra Border Section. The project starts from KM 322.400 to KM 405.000 of NH-6 in Chhattisgarh under NHDP Phase IIIA on a Build Operate and Transfer (BOT) basis.
The Ashoka Buildcon Ltd. had started collecting toll from February 15 on the Durg Bypass project.
“ACL is pleased to inform 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 per cent 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 said in a regulatory filing today.
Further to inform that ACL already holds 15,154,732 equity shares of Rs 10 each, i.e. 51 per cent of the issued, subscribed and paid-up capital of AHDL, the company said, adding that it 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 per cent stake in AHDL.
