Ashoka Buildcon zooms on inking pact to acquire stake in GVR Ashoka Chennai ORR
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Ashoka Buildcon is currently trading at Rs. 154.50, up by 8.95 points or 6.15% from its previous closing of Rs. 145.55 on the BSE.
The scrip opened at Rs. 144.95 and has touched a high and low of Rs. 154.60 and Rs. 141.25 respectively. So far 70577 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 195.55 on 07-Feb-2024 and a 52 week low of Rs. 71.30 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 168.20 and Rs. 141.25 respectively. The current market cap of the company is Rs. 4212.25 crore.
The promoters holding in the company stood at 54.48%, while Institutions and Non-Institutions held 24.23% and 21.28% respectively.
Ashoka Buildcon has entered into a share purchase agreement (SPA) with GVR Infra Projects (GIPL) and GVR Ashoka Chennai ORR (CORR) for the acquisition of 9,45,00,000 equity shares held by GIPL in CORR, constituting 50% of the share capital of CORR, for a consideration of Rs 185 crore subject to terms as agreed under the Share Purchase Agreement (SPA) as per the terms of the SPA.
The completion of the above transaction is subject to completion of certain conditions precedent. The approvals of the Lenders of CORR and Government of Tamil Nadu, Authority awarding the Project viz. Tamil Nadu Road Development Corporation, have already been obtained.
Post-acquisition of 50% equity shares held by GIPL, CORR would become wholly-owned subsidiary of the company with effect from the date of acquisition of all 9,45,00,000 equity shares.
Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis.
