Ashoka Buildcon, an Indian infrastructure development company, is planning to raise nearly Rs5 billion (US$80 million) trough a qualified institutional placement (QIP).

According to sources, the company is planning a large scale expansion drive. These plans involves the acquisition of a controlling stake in Jaora Nayagaon toll project in Madhya Pradesh, in which the company already owns a 37.7% stake. The other shareholders are Srei Infra, PNC Infra, SPML and  SBI Macquarie Infra.

The company could also use this QIP process to fund new and under development projects. The firm, which had a total revenue of Rs17.9 billion (US$286 million) in 2014, is currently carrying out road projects in the Indian states Madhya Pradesh, Karnataka, Tamil Nadu, Andhra Pradesh, Rajasthan, and Telangana.

Ashoka Buildcon is engaged in developing and building infrastructure facilities on design, build, finance, operate, and transfer basis in highways; and engineering, procurement, and construction (EPC) basis in highways and the power sector. The company operates in three segments: Construction & Contract Related Activities, BOT Projects, and Sale of Goods. The firm also collects tolls on roads and bridges owned and constructed by third parties.