Ashoka Buildcon arms sell stake in Jaora-Nayagaon Toll Road Company to NIIF for Rs 691 crore
Dec 18, 2022
New Delhi [India], December 18 : Leading highway developer Ashoka Buildcon has informed the National Stock Exchange about the sale/disposal of stake in Jaora-Nayagaon Toll Road Company (JTCL) by Ashoka Concessions and Viva Highways under the regulations of Securities and Exchange Board of India (Sebi).
In a statement from the highway developer, Ashoka Buildcon has said its subsidiaries -- Ashoka Concessions (ACL) and Viva Highways (VHL) -- entered into a share purchase agreement with National Investment and Infrastructure Fund (NIIF) and JTCL for the sale of 28,70,00,000 equity shares in JTCL, constituting 100 per cent of the share capital of JTCL, and settlement of assets for a consideration of Rs 691 crore.
The expected date of completion of sale or disposal would be on or before July 31, 2023, subject to the completion of certain conditions, according to a statement shared with the exchange on Saturday.
The current shareholding of ACL and VHL is 37.74 per cent and 10.26 per cent, respectively, and the completion of the above transaction is subject to ACL and/ or VHL acquiring the balance equity shares in JTCL held by Macquarie SBI Infrastructure Investments Pte Ltd, SBI Macquarie Infrastructure Trust and other shareholders of JTCL; and the completion of certain conditions precedent including approval of the lenders of JTCL and the Madhya Pradesh Road Development Corporation Ltd.
NIIF is a category II alternative investment fund registered under the Sebi Regulations, 2012, acting through its investment manager, National Investment and Infrastructure Fund, a company incorporated under the Companies Act, 2013. The buyer does not belong to the promoter/ promoter group/group companies of the Company, the highway developer said.
