Ashoka Buildcon arm raises $150 million from SBI Macquarie JV
13 Aug 2012
Ashoka Buildcon Limited (Ashoka) announced today that Macquarie SBI Infrastructure Fund (MSIF) and SBI Macquarie Infrastructure Trust (SMIT), both private equity funds managed by the State Bank of India and Macquarie, would between them invest $150 million in Ashoka Concessions Limited (ACL), Ashoka Buildcon's 100 per cent subsidiary.
ACL would currently domicile a portfolio of seven large sized projects with a total cost of $1.6 billion. It is raising $150 million from private equity funds managed by the above joint ventures for funding the existing portfolio of ACL.
Ashoka would on its part continue to bring in its engineering, construction and project management capability in association with the SBI Macquarie Joint Venture.
Ernst & Young were exclusive financial advisor to Ashoka for this fund raising exercise.
The Ashoka stock was trading at Rs272, up Rs17 or 6.67 per cent, after hitting an intraday high of Rs279.40 and a low of Rs255 in the course of trading.
A total of 32,330 shares were traded as against a two-week average of 1,693.
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