Ashoka Buildcon share surges 5% on acquiring 50% stake in GVR Ashoka Chennai ORR

Ashoka Buildcon entered into a share purchase agreement with GVR Infra Projects to acquire its 9.45 crore shares, which amounts to a 50 percent stake in CORR, for Rs 185 crore

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Ashoka Buildcon shares jumped 5 percent in early trade on March 14 as the realty player will purchase a 50 percent stake in GVR Ashoka Chennai ORR (CORR).

Ashoka Buildcon entered into a share purchase agreement with GVR Infra Projects to acquire its 9.45 crore shares, which constitute 50 percent of the share capital of CORR, for Rs 185 crore.

At 10.15 am, Ashoka Buildcon was trading at Rs 153.15 on BSE, up 5.2 percent.

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GVR Ashoka Chennai ORR (CORR) was incorporated on July 23, 2013 at Chennai, India, for execution of a project and would carry on operations as an SPV.

CORR would develop the Chennai Outer Ring Road Phase II from Nemilicheri in NH 205 to Minjur in Thiruvottiyur-Ponneri-Panchetti (TPP) Road.

“The operations and growth of project are intrinsically linked to its management’s decision making. The consolidation of shareholding would facilitate better & stable functioning and operations of CORR,” the company said in a filing with the bourses.

“Proposed consolidation would facilitate easy and quick decision making and enable the company to run the project to the satisfaction of all stakeholders.”

Ashoka Buildcon has already got the approval of the lenders of CORR, along with the Tamil Nadu government, which commissioned the project.

Following the acquisition, CORR will become a wholly owned subsidiary of Ashoka Buildcon. CORR had an income of Rs 184.83 crore and net worth of Rs 397.55 crore, the company’s audited financial statements of FY2023 show.

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