Ashoka Buildcon receives provisional certificate for NHAI road project; Stock up 2%

11 Nov 2022 , 12:26 PM

Ashoka Buildcon Limited has informed the declaration of October 26, 2021 as the Commercial Operation Date (CoD) for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India (“NHAI”).

As per the filing, the Project is “Construction of Four Laning of Tumkur – Shivamogga section from 12+310 (Design km 12+300) to km 66+540 (Design km 65+195) from Mallasandra to Karadi Village of NH-206 on Hybrid Annuity Mode, under NHDP phase-IV in the state of Karnataka (Package I)”.

The Project is executed by Ashoka Mallasandra Karadi Road Private Limited (SPV), a Wholly Owned Subsidiary of Ashoka Concessions Limited, a Subsidiary of the Company.

In addition to this, the company informed that consequent upon the declaration of CoD, the SPV is eligible for receipt of Annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of CoD.

The Company also announced that the said SPV has received a Provisional Certificate for completion of 34.730 KMs out of total Project stretch of 50.645 KMs.

On Friday, at around 12:29 PM, Ashoka Buildcon Ltd is currently trading at Rs75.20 per share up by Rs1.4 or 1.9% from its previous closing of Rs73.80 per share on the BSE.

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