Ashoka Buildcon’s Arm Viva Highways Monetises Pune Land

Ashoka Buildcon Ltd. announced on Thursday that its wholly-owned subsidiary, Viva Highways Ltd., has successfully monetised its land in Hinjewadi in Pune. This will bring VHL's real estate portfolio to a total consideration of Rs 453 crore, according to the exchange filing. 

In related updates, Ashoka Buildcon's credit rating for its unlisted material subsidiary, Ashoka Concessions Ltd., was withdrawn by ICRA Ltd. on Aug. 31. The rating was withdrawn because ACL has no outstanding debt or banking credit facilities.

Additionally, Ashoka Buildcon’s Commercial Papers, with a total issue size of Rs 50 crore, have been listed on BSE as of Sept. 2. The issuance, approved by the board on May 22, has a maturity date of Nov. 26 and an interest rate of 8.35%.

Shares of the company closed 12.99% higher at Rs 267.43 per share, compared to a 0.21% decline in the NSE Nifty 50. The stock has risen 137.72% year-to-date and 92.05% over the past 12 months.