Comments
Highways developer Ashoka Buildcon today said its subsidiary Ashoka Concessions (ACL) has received Rs 110 crore investment from Macquarie-SBI Infrastructure Fund (MSIF), a JV fund of State Bank of India and Australia’s Macquarie.
“ACL, a subsidiary of the company has received a tranche of investment of Rs 110 crore, from SBI Macquarie,” the company said in a filing to the BSE.
The fund will be utilised for equity investment into various under construction projects, the company said.
“Including this tranche, the total equity investment by SBI-Macquarie in ACL is Rs 490 crore and balance would be received as per equity requirements of projects under construction,” it said.
SBI-Macquarie has committed to investing a total of Rs 800 crore in ACL.
The company in the same statement said its associate company JNRL, the SPV for four-laning of Jaora-Nayagaon section has been sanctioned “refinance aggregating Rs 613 crore by ICICI Bank which replaces existing project loan of Rs 540 crore.”
It said the proceeds will be used for repayment of creditors of JNRL.
The project is on design, build, finance, operate and transfer (toll) basis with a concession period of 25 years including the construction period. Presently the JNRL is collecting toll on the said project.
Shares of Ashoka Buildcon closed at Rs 47.55, up 3.48 per cent on the BSE from the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.