Welspun Enterprises surges ~5% on receiving completion certificate for Project in Amravati, Maharashtra

1 Aug 2022 , 02:52 PM

Welspun Enterprises Limited informed that it has received the Completion Certificate in respect of the Hybrid Annuity Model project for Two Laning of Road with paved shoulder Package No. AM 2 under Public Works Circle, Amravati in the State of Maharashtra from PWD Maharashtra on July 30, 2022.

Earlier, the company declared November 11, 2021, as the Provisional Commercial Operation date, with the first annuity payable in May 2022, i.e., six months later.

As per the company, the completion cost is around Rs1,719.20 crore.

The company further stated that it has entered into a definitive agreement for divestment of its holding in securities of Special Purpose Vehicles (SPVs) of operating road assets and the Project is part of the proposed divestment.

As per the latest status, out of the Company's total developer road portfolio of 8 projects worth approximately Rs12,000 crore, 6 projects worth Rs8,500 crore are now revenue-generating, with three projects receiving the Completion Certificate and the remaining three achieving PCOD.

At around 2.50 PM, Welspun Enterprises was trading at Rs105.60 up by Rs4.6 or 4.55% from its previous closing of Rs101 on the BSE. The scrip touched intraday high and low of Rs106.80 and Rs101.10 respectively.