Ashoka Buildcon and its material subsidiary viz. Ashoka Concessions have sold their respective entire 100% stake held in the shares and securities and management control, of the below mentioned 5 SPVs to Epic Concesiones 2, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II (all schemes of Infrastructure Yield Trust and managed by their respective investment manager, EAAA India Alternatives), pursuant to the securities purchase agreements and other transaction documents:
- Ashoka Kharar Ludhiana Road;
- Ashoka Khairatunda Barwa Adda Road;
- Ashoka Ranastalam Anandapuram Road;
- Ashoka Ankleshwar Manubar Expressway; and
- Ashoka Kandi Ramsanpalle Road (collectively, the “SPVs”).
The above transactions are executed at an aggregate consideration of Rs.1,146 crore including certain holdbacks (payable in accordance with the respective transaction documents), for sale of 100% stake in the shares and securities of the above mentioned SPVs.
Completion of sale of the balance 6 SPVs mentioned below shall take place individually subject to completion of certain conditions precedent and other terms and conditions in accordance with their respective transaction documents:
- Ashoka Mallasandra Karadi Road;
- Ashoka Bettadahalli Shivamogga Road;
- Ashoka Karadi Banwara Road;
- Ashoka Belgaum Khanapur Road;
- Ashoka Banwara Bettadahalli Road;
- Ashoka Baswantpur Singnodi Road