Acquisitions29 Oct 2025, 10:44 pm
Ashoka Buildcon's Subsidiary Wins Bid for Shree Sainath Land & Development India with Rs.80.52 Crore Payment Plan
AI Summary
Ashoka Buildcon Ltd. announced that its wholly-owned subsidiary, Ashoka Infraways Limited (AIWL), received a Letter of Intent for Shree Sainath Land & Development India Private Limited (SSLD). The Committee of Creditors (CoC) of SSLD approved AIWL's Resolution Plan, which requires AIWL to pay Rs.80.52 Crore to all creditors, including LIC Housing Finance Limited, with an upfront payment of Rs.21.02 Crore to LIC HFL and the balance amount in 4 years. Aggrieved homebuyers will receive their flats or properties as per agreed terms. The CoC declared AIWL as the Selected Resolution Applicant, and the Resolution Professional issued a Letter of Intent, subject to approval from the National Company Law Tribunal (NCLT).
Key Highlights
- Ashoka Buildcon's subsidiary, Ashoka Infraways Limited, wins bid for Shree Sainath Land & Development India Private Limited.
- Committee of Creditors approves Ashoka Infraways Limited's Resolution Plan for SSLD.
- AIWL to pay Rs.80.52 Crore to all creditors, with an upfront payment of Rs.21.02 Crore to LIC HFL and the balance amount in 4 years.
- Aggrieved homebuyers will receive their flats or properties as per agreed terms.
- The acquisition is subject to approval from the National Company Law Tribunal (NCLT).