ASHOKA BUILDCON LTD. - Intimation Regarding Sale/Disposal Of Stake In GVR Ashoka Chennai ORR Limited By Ashoka Buildcon Limited Under Regulation 30 Of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
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| 27 Apr 2022 | |
| This is to inform you that the Company has entered into a Share Purchase Agreement ('SPA') with NIIF and GVR Ashoka Chennai ORR Limited ('CORR') for the sale of 18,90,00,000 equity shares in CORR, constituting 100% of the share capital of CORR, from the Company to NIIF for an aggregate financial consideration of Rs.686,00,00,000/- (Rupees Six Hundred Eighty Six Crore only) subject to adjustment of cash and working capital, discharge of sponsor loans, settlement of trade payables and any recoveries made by the TNRDC, as agreed under the SPA. The completion of the above transaction is subject to: (i) the Company acquiring 9,45,00,000 equity shares in CORR constituting 50% of the share capital of CORR held by GVR Infra Projects Limited; and (ii) completion of certain conditions precedent including approval of the lenders of CORR and the Govt. of Tamil Nadu, through the Governor, represented by the Principal Secretary to the Govt, Highways and Minor Ports Department. | |
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