Ashoka Buildcon Limited has informed stock exchanges about the conversion of Class A Compulsorily Convertible Debentures (CCDs) to Optionally Convertible Debentures (OCDs) in its wholly owned subsidiary Ashoka Concessions Limited (ACL), effective March 13, 2026.

Debenture Holdings and Conversion Details

The company, along with its fellow subsidiary Viva Highways Limited (VHL), originally purchased the Class A CCDs in ACL on November 27, 2025. The current holdings being converted are structured as follows:

The conversion will be executed on a 1:1 basis, meaning each CCD will be converted into an equivalent number of Class A 0.01% OCDs. This ratio has been determined based on a valuation report obtained from R & A Valuation LLP, Registered Valuer, dated March 9, 2026.

Strategic Rationale Behind the Conversion

The company has outlined several key reasons for this restructuring initiative:

• Evolving business requirements necessitating more flexible financial instruments
• Capital protection strategy to limit further equity exposure
• Operational flexibility to enhance corporate financing structure
• Dilution risk mitigation while maintaining growth potential

Impact on Corporate Structure

The conversion will not result in any changes to the equity shareholding pattern of either Ashoka Buildcon Limited or Ashoka Concessions Limited. The restructuring is designed to create an efficient economic platform for business potential and growth without altering ACL's capital structure.

Regulatory Compliance

The intimation has been made to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI Listing Regulations. ACL communicated the conversion decision to the company through a letter dated March 13, 2026, following necessary approvals.

The company has confirmed that no specific benefits will accrue to the promoter, promoter group, or group companies from this proposed restructuring. The primary intention remains focused on achieving efficient corporate financing while preserving the existing ownership structure and avoiding potential dilution risks.

Ashoka buildcon Limited has announced the receipt of a Provisional Certificate for substantial completion of its National Highways Authority of India (NHAI) project in Karnataka. The company declared February 28, 2026 as the Commercial Operation Date (CoD) for an additional stretch, marking another milestone in the highway development project.

Project Completion Status

The company has achieved significant progress in its highway project with the completion of multiple stretches at different phases:

The Provisional Certificate was issued by the Independent Engineer on March 09, 2026, confirming the completion of 52.885 KMs in aggregate out of the total project stretch of 53.315 KMs after revision due to de-scoping.

Project Details

The project involves the four-laning of the Tumkur Shivamogga Section from 66+540 (Design km 65+195) at Karadi to km 119+790 (Design km 121+900) at Banwara of NH-206. The development is being undertaken under the Hybrid Annuity Mode as part of NHDP Phase-IV in Karnataka, designated as Package-II.

Execution Structure

The project is being executed by Ashoka Karadi Banwara Road Private Limited, which serves as the Special Purpose Vehicle (SPV). This SPV operates as a wholly-owned subsidiary of Ashoka Concessions Limited, which is itself a wholly-owned subsidiary of Ashoka Buildcon Limited.

Financial Implications

Following the declaration of the First CoD on September 08, 2023, the SPV became eligible to receive annuity payments from NHAI. These payments are structured for the operation period of 15 years and are disbursed at six-month intervals from the date of achievement of the First CoD.

The disclosure was submitted under Regulation 30 of SEBI LODR Regulations, 2015, highlighting the material nature of this development for the company's stakeholders.