Ashoka Buildcon Limited (the “Company”), Nashik Based infrastructure developer that currently operates toll-based BOT (“Build, Operate and Transfer”) projects in India, has filed its Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) for an Initial Public Offering (“IPO”) of 8,100,000 equity shares of Rs 10 each (“Equity Shares”) for cash at a price to be decided through a 100% Book-Building Process (the “Issue”).

The Issue comprises a Net Issue of 7,938,000 Equity Shares to the Public and a reservation of 162,000 Equity Shares for Eligible Employees. The Issue would constitute 15.05% of the post Issue paid up capital of the Company. The Net Issue would constitute 14.75% of the post Issue paid up capital of the Company. The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”).

Of the total equity float, at least 60% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIB”) Bidders. Also, 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders.

Headquartered in Nashik, Ashoka Buildcon Ltd. has operations reach across the states of Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Goa and Tamil Nadu, the National Capital Territory of Delhi and the union territories of Dadra and Nagar Haveli and Daman and Diu. In addition to BOT projects, it also engineers and designs; procures the raw materials and equipment for; and constructs roads, bridges, commercial buildings, industrial buildings and institutional buildings for third parties. It also manufactures and sells ready-mix concrete (“RMC”) and bitumen; and collects tolls on roads and bridges owned and constructed by third parties. The business is organised into four divisions: the BOT division; the engineering, procurement and construction (“EPC”) division; the RMC and bitumen division; and the toll collection contract division. According to ISC the Company is the first Indian infrastructure construction company to receive the ISC certification for Quality (ISO 9001:2000), Environment (ISO 14001:2004) and Occupational Health and Safety Management System (OHSAS 18001:1999) for Integrated System Management in relation to the design, development, construction of roads, bridges, industrial buildings, residential and commercial complexes, production and sale of ready-mix concrete and operation and maintenance of road infrastructure projects. As at November 30, 2007, its Order Book totalled Rs 14,998.52 million.

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