IDFC Alternatives Partially Exits Construction Company Ashoka Buildcon (Asia)
IDFC Alternatives, the alternative asset management vertical at infrastructure financing company IDFC, has sold a six percent stake in India-based Ashoka Buildcon, which constructs and operates roads and bridges on a build, operate and transfer basis, for INR513 million (approximately US$8.2 million). The transaction was structured through IDFC Infrastructure Fund II. All of the shares were acquired by investment manager HDFC Asset Management Company through two mutual funds, HDFC Equity and HDFC Infrastructure Fund. IDFC Alternatives, which still holds a 7.6 percent stake in Ashoka Buildcon, originally invested around INR1 billion (approximately US$21 million) in August 2006.