P B A Infrastructure Ltd Company Summary

P B A Infrastructure Ltd Summary

PBA Infrastructure Limited (PBA) (formerly Prakash Building Associates Ltd.), was founded by Wadhawan family in 1974. The Company became a Public Limited Company in November 2005. The name of the Company was changed to PBA Infrastructure Ltd during the year 2001. It was promoted by Roshanlal Wadhawan, Shadilal Chopra and Smt. Vimal Wadhawan. Presently, it specializes in construction of Highways, Dams, Bridges, Runways, Heavy RCC Structures and other Infrastructure projects all over India. The Company come out with IPO in November 2005 and issued 5000000 Equity Shares at a premium of Rs.50 per share. The Company started facing financial crisis from 2010 due to slow down in the infrastructure industry, high level of Working Capital requirements, huge interest cost and Blockage of receivables at government level and forcefully cancelled the work order put into operation at various sites for not obtaining the required land by the Government in those areas resulting all the matters were referred to Arbitration for claim for huge amount, which has direct impact on the growth of the Company, consequences of which the Company to faced so many legal issues including financial crisis. Due to continuous irregularity in operation, the consortium Bankers had stopped to further finance, extension of guarantees, issue of new guarantees, etc. and also declared their account as NPA since 2013.Later on, the Company commenced Bhagwada Toll collection work at Vapi in 2005-06. It completed a BOT project named Aurangabad Jalna Project as a Joint Venture with Sadbhav Engineering Ltd. in 2009.