Gammon Infra gains on financial closure of highway project

BSE 23 May 12 | 12:00 AM

12.54		0.42 (3.47%)
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Code: 532959

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NSE 23 May 12 | 12:00 AM

12.50		0.3 (2.46%)
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Code: GAMMNINFRA

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Gammon Infra gains on financial closure of highway project

SI Reporter / Mumbai 08 Sep 10 | 10:23 AM

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Gammon Infrastructure Projects is trading 4% higher at Rs 25.15 after the company announced that Patna Highway Projects, a special purpose vehicle (SPV) of the company created for implementing a highway project, achieved financial closure for an aggregate loan amount of Rs 846 crore.

The project involved upgradation of the Hajipur- Muzzaffarpur section of NH-77 (from km 0.000 (Ramashish Chowk) to km 46.300) to four lane divided carriageway and construction of 16.870 km new four lane divided carriageway bypass starting at km 46,300 on NH-77 and connecting NH-28 of east-west corridor at km 515.045 in Bihar on BOT (Annuity) basis.

“The total estimated cost of the project is Rs. 940 crore. The concession period of the project is 15 years, including a construction period of two and half years&", the company said in its filing.

The stock of Gammon Infra opened at Rs 24.50 and hit a high of Rs 25.50 on the NSE. As many as 362,580 shares have changed hands on the counter so far.