Road Developer Ashoka Buildcon’s Share Sale to Raise 2.25 Billion Rupees

Ashoka Buildcon Ltd., an Indian developer of roads, plans to raise 2.25 billion rupees ($49.3 million) from an initial public offer that begins this week, Chairman Ashok Kataria said in Mumbai today.

Ashoka Buildcon, one of the 11 companies that plan to raise 31 billion rupees from IPOs this week, will sell new shares at 297 rupees to 324 rupees each in the sale that starts Sept. 24 and closes on Sept. 28.

The company, based in Nashik, Maharashtra, has 23 road projects of which 17 are operating and six are under construction, Kataria told reporters today. Ashoka Buildcon makes, operates and then transfers roads to the government after the company’s lease expires. The road builder has about 32 billion rupees of unexecuted orders, Kataria said.

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