MEP Infrastructure Developers Limited has informed the Exchange that MEP Nagpur Ring Road 1 Private Limited -Subsidiary of the Company, has achieved the financial closure within the stipulated time in accordance with the Concession Agreement executed with NHAI dated May 19, 2016 for Four Laning Stand Alone Ring Road/ Bypass for the Nagpur City Package I from Km 0+500 to Km 34+500 (Design 33+500 Km) in the State of Maharashtra on BOT (Hybrid Annuity) basis, by tying up of Project finance of Rs 238.95 crore.
The Bid project cost is Rs 531 crore out of which Project finance will contribute Rs. 238.95 crore and remaining will be funded by grant from NHAI and equity contribution by the company.
Key highlights of the Project are as under: 1) Construction Period: 30 Months from the Appointed Date. 2) Concession Period: 15 years (excluding Construction Period of 30 Months). 3) The Company will receive Bi-Annual Annuity from NHAI post Commercial Operation Date (COD).
The scrip opened at Rs 43.5 and has touched a high and low of Rs 44.1 and Rs 42 respectively. So far 147425 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 699.05 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 59.7 on 21-Oct-2015 and a 52 week low of Rs 34.2 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 44.35 and Rs 41 respectively.
The promoters holding in the company stood at 69.48 % while Institutions and Non-Institutions held 14.67 % and 15.84 % respectively.
The stock is currently trading above its 50 DMA.