Ashoka Buildcon offloads 16% to IDFC for Rs 700 cr

In one of the major private equity deals in the country, infrastructure developer Ashoka Buildcon has offloaded 15.62 per cent stake to IDFC’s private equity fund for around Rs 700 crore.

The move is of significance, as apart from being one of the major pre-initial public offerings (IPO) deals, this values the unlisted company around Rs 4,500 crore.The promoters of Ashoka Buildcon has offloaded 15.62 per cent stake of the company’s equity capital, amounting to around 72 lakh shares, to IDFC Infrastructure Fund II.

The deal was sealed at Rs 980 per equity share, sources close to the development said.Pursuant to the stake acquisition, IDFC PE Fund’s stake rose to 18.18 per cent from the earlier 2.56 per cent it had bought in the Nashik-based infrastructure major.

Read more in
The Business Standard article.