Ashoka Buildcon to buy 8.51% in Jaora-Nayagaon Toll Road1 min read . Updated: 07 Dec 2015, 12:59 PM IST
Ashoka Buildcon says it has entered into a share purchase agreement with peer PNC Infratech to purchase 24.42 million shares in Jaora-Nayagaon Toll Road Co.
Mumbai: Roads developer Ashoka Buildcon Ltd said on Monday that it has entered into a share purchase agreement with peer PNC Infratech Ltd to purchase 8.51% stake in Jaora-Nayagaon Toll Road Co. Pvt. Ltd (JTCL) for about ₹ 34.19 crore.
Ashoka Buildcon will buy 24.42 million shares of ₹ 10 each for a total consideration of ₹ 34.19 crore in JTCL, the company said in a BSE filing on Monday.
Ashoka Buildcon will purchase the stake through its subsidiary Viva Highways Ltd, the filing said.
JTCL is in the business of design, construction, finance, strengthening, widening, operation and maintenance for the four-laning of the Jaora Nayagaon section of the state highway 31 in Madhya Pradesh. The project is on build, operate and transfer (BOT) basis, the filing said.