Ashoka Buildcon Acquires Remaining Shareholding in Subsidiary Ashoka Concessions

MT Newswires Live

11/28

Ashoka Buildcon (NSE:ASHOKA, BOM:533271) has acquired the remaining equity shares of its subsidiary Ashoka Concessions to make it a wholly-owned subsidiary, according to a Friday filing to the Indian stock exchanges.

The company acquired 340,000 equity shares of Ashoka Concessions and, along with its subsidiary Viva Highways, acquired the balance 3,283,402 Class A compulsory convertible debentures (CCDs) and 84,82,891 CCDs for 6.67 billion Indian rupees.

With this, Ashoka Concessions' investors, Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust, have exited.

The company's shares were down over 3% in recent trade.

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