Ashoka Buildcon Ltd. offloaded 51% stake in Prakashmaan Renewable Energy Pvt. as part of a strategic reconstruction for a cash consideration of Rs 1.98 crore, according to an exchange filing on Tuesday.
The company sold 2,550 equity shares at Rs 10 each to Sunbreeze Renewables Pvt. Subsequent to this transaction, Ashoka Buildcon held 2,450 shares or 49% in Prakashmaan Renewable.
Since Prakashmaan Renewable was incorporated on Sept. 24, 2024, there is no audited financial statement available for the company, the filing said.
Sunbreeze, the acquiring entity, is a New Delhi-based technology-agnostic renewable asset management company with operations across seven states in India, contributing to a total renewable energy capacity of over 3000 megawatts.
The company specialises in the development and execution of renewable energy projects, offering comprehensive services from land acquisition to full infrastructure development, the filing added.
Before the sale of majority stake in its renewable arm was reported, shares of Ashoka Buildcon closed 2.4% higher at Rs 187.47 apiece on the NSE on Tuesday, as compared to a 1.69% climb in the benchmark Nifty 50. The stock has risen 8.33% in the last 12 months and fallen 39.75% on a year-to-date basis.
Out of 10 analysts tracking the company, five maintain a 'buy' rating on the stock, four suggest 'hold' and one recommend 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price target implies a potential upside of 41.3%.
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