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Ashoka Buildcon acquires stakes in Ashoka Bettadahalli Shivamogga Road

Friday, 24 Sep 2021
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Ashoka Buildcon has acquired 60 percent stake in equity share capital of Ashoka Bettadahalli Shivamogga Road (ABSRPL) viz, 30,000 equity shares of Rs 10 each for an aggregate consideration of Rs three lakh. 
 
ASBRPL is a special purpose vehicle incorporated to execute the project awarded by the National Highways Authority of India (NHAI) viz four-laning of Tumkur-Shivamogga Section from ch 170.415 km to ch 226.750 km, Bettadahalli-Shivamogga Section of NH-206 on hybrid annuity mode (HAM) under Bharatmala Pariyojana in Karnataka (Package-IV).
 
The project was awarded in March 2019. The total estimated cost of the project is Rs 1,157.22 crore.  The SPV is in process of completing its financial closure post signing of concession agreement. The turnover for FY21 is Rs 0.48 crore. 
 
The company purchased 30,000 equity shares held by Ashoka Concessions (ACL), a subsidiary of the company, in ABSRPL. 
 
Therefore, this would be a transaction with a related party; however, none of the Directors of the Company & ABSRPL holds any shares in ACL. 
 
This transaction is a purely commercial transaction which will help the company in attaining financial closure and availing bank financing for ABSRPL. The shares are acquired by the company in a single tranche and the company will have full ownership and the title to all of the said shares in ABSRPL. 
 
The object of the acquisition is to consolidate the road infrastructure business of the company. 
 
The company has acquired 60 percent shareholding in ABSRPL and the total shareholding of the company in ABSRPL is 60 percent and of ACL is 40 percent. ABSRPL has been incorporated on 08 April 2019.
 
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