Ashoka Buildcon Ltd. saw its shares surge over 3% after the company announced the acquisition of a significant number of Compulsorily Convertible Debentures (CCDs) from Ashoka Concessions Limited (ACL). As of 9:38 AM, the shares were trading 3.66% higher at Rs 191.47.
Under the deal, Ashoka Buildcon acquired 44,57,848 Class A CCDs at Rs 1,007.15 per CCD and 1,15,17,129 Class B CCDs at Rs 10 each, bringing the total transaction value to Rs 882.25 crore. This move is part of a Securities Purchase Agreement (SPA) with Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust, enabling a full exit for investors from ACL.
The company also confirmed that all parties have mutually agreed to extend the Long Stop Date to October 31, 2025, as the acquisition of the remaining CCDs is still in progress and depends on the monetization of project assets.
ACL, established in April 2011, reported a total income of Rs 151.16 crore and a net worth of Rs 990.70 crore in FY25. The transaction has received approval from the National Highways Authority of India (NHAI), paving the way for a smooth completion of the deal.
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