Ashoka Buildcon Limited entered into a share purchase agreement to acquire remaining 50% stake in GVR Ashoka Chennai Orr Limited from GVR Infra Projects Limited for INR 1.9 billion.

Ashoka Buildcon Limited (NSEI:ASHOKA) entered into a share purchase agreement to acquire remaining 50% stake in GVR Ashoka Chennai Orr Limited from GVR Infra Projects Limited for INR 1.9 billion on March 14, 2024. Prior to the transaction, Ashoka Buildcon Limited (NSEI:ASHOKA) held 50%. GVR Ashoka reported net worth of INR 3.9755 billion and revenue of INR 1.8483 billion for FY 2022-2023.

The transaction has been approved by Lenders of GVR Ashoka and Tamil Nadu Road Development Corporation Limited. The transaction is expected to close on March 31, 2024. As of March 16, 2024, Ashoka Buildcon has acquired 4,91,39,970 equity shares.