Ashoka Buildcon announced an Rs 150 crore investment commitment into its city gas distribution (CGD) business Unison Enviro (UEPL) by Morgan Stanley India Infrastructure.
Share price of Ashoka Buildcon added 8.2 percent intraday Tuesday on investment by Morgan Stanley India Infrastructure in the gas distribution business of the company.
Ashoka Buildcon announced an Rs 150 crore investment commitment into its city gas distribution (CGD) business Unison Enviro (UEPL) by Morgan Stanley India Infrastructure, as per company release.
UEPL builds and operates CGD networks across cities and towns in India.
UEPL has just started commercial operations of its first CGD project in Ratnagiri district in Maharashtra state. In the recently concluded ninth round of bidding for CGD licences, UEPL has won two additional CGD licenses, one in Latur & Osmanabad, also in Maharashtra, and one in Chitradurga & Davangere in Karnataka state.
Also company board approved the issue non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures up to an aggregate amount not exceeding Rs 150 crore on private placement basis.
At 09:23 hrs Ashoka Buildcon was quoting at Rs 133.70, up Rs 6.50, or 5.11 percent on the BSE.
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