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Ashoka Buildcon Ltd. has announced the disposal of stake by its subsidiaries, Ashoka Concession Ltd. (ACL) and Viva Highways Ltd. (VHL), in the Jaora-Nayagaon Toll Road Company (JTCL).

The company said that it had entered into an agreement with the National Investment and Infrastructure Fund Ltd. (NIIF) to sell 100 percent of the share capital and settlement of assets for Rs 691 crore.

Both the subsidiaries of Ashoka Buildcon presently make up 48 percent of shares, while 37.74 percent of shares are owned by ACL and 10.26 percent by VHL in JTCL. The remaining 52 percent of shares are held by Macquarie SBI Infrastructure Investments Pte Ltd., SBI Macquarie Infrastructure Trust, and other shareholders of JTCL.

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Registered under the SEBI Regulations, 2012, NIIF is a category II alternative investment fund acting through its investment manager National Investment and Infrastructure Fund.

The disposal of shares by ACL and VHL is slated to be completed by July 31, 2023, subject to the fulfilment of certain conditions precedent including approval from the lenders of JTCL and the Madhya Pradesh Road Development Corporation Limited.

Shares of Ashoka Buildcon ended 2.55 percent higher at Rs 84.30 on Monday.

(Edited by : Rukmani Krishna)