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.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 3959.90 |
| Rail Vikas Nigam | 275.10 |
| NCC | 153.05 |
| KEC International | 573.95 |
| Kalpataru Projects | 1181.65 |
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