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Anand Rathi Report
Ashoka Buildcon Ltd. said that, its build-operate-transfer holdco, Ashoka Concessions Ltd., has entered a deal with an affiliate of funds, vehicles and entities managed and/or advised by Kohlberg Kravis Roberts and Co. LP to monetise five of its BOT-toll assets for ~Rs 13.37 billion (subject to adjustment for movement in cash and debt).
Ashoka Buildcon expects to consummate the deal by September 2022.
Though the deal consideration is ~0.6 times of the total exposure, benefits outweigh the valuation discount. The market-perceived risk of the debt-funded buy-out of the partner’s share in the BOT holdco, if monetisation efforts fail to fructify, has long been a drag on valuations. The deal, we believe, would help do away with this
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