IRB Infrastructure Developers shares fell nearly 3 percent intraday after rising close to 2 percent in early trade on commissioning of the highway project in Maharashtra.
The stock was quoting at Rs 148.10, down Rs 2.80, or 1.86 percent on the BSE, at 1150 hours IST.
IRB Infrastructure said its special purpose vehicle, Yedeshi Aurangabad Tollway Pvt Ltd (YATPL) has partially commissioned its four laning highway project Yedeshi to Aurangabad, in Maharashtra on March 17.
The SPV is in possession of the provisional certification from the Competent Authority to commence tolling w.e.f. March 17, as it has completed 85.60 percent work of the project admeasuring 161.87 km, out of the total length of 189 km of the Yedeshi – Aurangabad Section of NH-211, it added.
NHAI awarded this project under DBFOT pattern to IRB Infra for converting existing 2 lanes into 4 lanes, at a project cost of Rs 3,370 crore. The project has viability gap funding of Rs 558 crore from the NHAI and the concession period for the project is 26 years.
First Published on Mar 18, 2019 12:45 pm