IRB Infra SPV achieves financial closure for road project in West Bengal; Stock gains over 1%

11 Jan 2022 , 09:43 AM

Palsit Dankuni Tollway Private Limited, a wholly-owned subsidiary of IRB Infrastructure Developers Limited (SPV), has achieved financial closure for the Project of Six laning of National Corridor NH-19 from Palsit to Dankuni (up to NH-6 Connector) from km. 588.870 to km. 652.700 (total design length 63.830 km) in the State of West Bengal under Bharatmala Pariyojana to be executed on a BOT (Toll) basis.

The total project cost is Rs2,314cr with a concession period & tolling 17 Years from the Appointed Date (including a Construction Period of 910 days). The Company will get tolling rights on the Project from the Appointed Date.

Premium payable as a percentage of Revenue is 10.8% commencing after one year of actual completion date and increasing annually by 1% thereafter.

At around 9.48 am, IRB Infrastructure Developers Ltd was trading at Rs252.00 per share up Rs3.40 or 1.37% from its previous closing of Rs248.60 per share on the BSE.

“Total Senior Debt of Rs1,650 Crores has been tied up with the Senior Lenders, and with necessary approvals, Equity contribution will be made by the Company & its Associate viz. IRB Infrastructure Trust (Private InvIT),” company said about means of finance.