Ashoka Buildcon’s arms sell stake in in JTCL to NIIF

20 Dec 2022 CW Team

Highway builder Ashoka Buildcon has informed the National Stock Exchange about the sale/disposal of stake in Jaora-Nayagaon Toll Road Company (JTCL) by Ashoka Concessions Ltd (ACL) and Viva Highways Ltd (VHL).

A statement from Ashoka Buildcon said its subsidiaries ACL and 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% of the share capital of JTCL, and settlement of assets for a consideration of Rs 6.91 billion. 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 last week.

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.

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