Ashoka Buildcon has announced an extension in the expected completion date for the sale of its stake in several subsidiaries. The company, along with its material unlisted subsidiary Ashoka Concessions Limited (ACL), had previously entered into share purchase agreements with Epic Concesiones 2 Private Limited and other investors for the sale of the entire share capital and management control of certain special purpose vehicles (SPVs).
The SPVs involved in this transaction include Ashoka Kharar Ludhiana Road Limited, Ashoka Khairatunda Barwa Adda Road Limited, Ashoka Ranastalam Anandapuram Road Limited, Ashoka Ankleshwar Manubar Expressway Private Limited, Ashoka Kandi Ramsanpalle Road Private Limited, Ashoka Bettadahalli Shivamogga Road Private Limited, Ashoka Karadi Banwara Road Private Limited, Ashoka Belgaum Khanapur Road Private Limited, Ashoka Banwara Bettadahalli Road Private Limited, Ashoka Mallasandra Karadi Road Private Limited, and Ashoka Baswantpur Singnodi Road Private Limited.
The company initially announced the sale of stakes in SPVs from serial 1 to 5 on September 30, 2025. The completion of the sale for the remaining six SPVs is contingent on fulfilling certain conditions precedent and other terms as per their respective transaction documents.
Ashoka Buildcon has now extended the indicative completion date for the transaction involving SPVs where construction works are complete to June 30, 2026. The completion for the remaining SPVs will follow thereafter, in accordance with their respective transaction documents.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).