Ashoka Buildcon Limited has announced an extension to the indicative timelines for the completion of the sale of the entire share capital of six of its Special Purpose Vehicles (SPVs) to Epic Concesiones 2 Private Limited. The company, along with its subsidiary Ashoka Concessions Limited (ACL), mutually agreed to this extension, citing the need to fulfill certain conditions precedent and other terms outlined in their respective transaction documents. The new indicative completion dates vary for different SPVs, with some extended up to September 15, 2026 and others up to September 30, 2026.
Extension of SPV Sale Timelines
Ashoka Buildcon Limited, in continuation of its earlier announcements, has informed stakeholders about an agreed extension for the completion of the sale of its stake in six subsidiary Special Purpose Vehicles (SPVs). This announcement follows previous updates regarding the sale of its entire share capital, including repayment of shareholder loans and management control, to Epic Concesiones 2 Private Limited, an entity managed by EAAA India Alternatives Limited.
Details of the Transaction and Extension
The transaction pertains to the sale of the company’s interest in eleven subsidiaries. While the sale of the first five SPVs from serial no. 1 to 5 was previously announced, this update focuses on the remaining six SPVs. The company and the Proposed Investor have mutually agreed to extend the indicative timelines for the completion of the sale of these six SPVs. This extension is intended to allow for the individual completion of certain conditions precedent and other terms stipulated in their transaction documents.
Revised Indicative Completion Dates
The revised indicative date for the completion of the transaction for SPVs where major construction works are complete, specifically TS-1, TS-2, and TS-3, has been extended up to September 15, 2026. For SPV BS, the completion date is extended up to September 30, 2026. The completion of other SPVs will follow thereafter, in accordance with their respective Transaction Documents. The final completion for each SPV remains contingent upon the fulfillment of conditions precedent and obtaining necessary regulatory and lender approvals.
Source: BSE
