NHAI suspends toll collection by Bharat Road Network's subsidiary

Solapur Tollways Private Limited (STPL) [Concessionaire for four laning of Solapur-Maharashtra / Karnataka border section of NH-9 from km 249.00 to km 348.800 in the State of Maharashtra (Design Length - 100.06 km) on design, build, finance, operate and transfer- DBFOT (Toll) basis] a wholly owned Subsidiary of Bharat Road Network Limited has received a Notice from National Highways Authority of India (NHAI) for suspension of Concessionaire's right to collect toll fees and other revenues for a period of 6 months w.e.f. 07.01.2022, under Article 36.1, 36.2 and 36.3 of the Concession Agreement entered into between STPL and NHAI.

During the said suspension period, NHAI shall act on behalf of the Concessionaire and collect necessary fees and revenue in accordance with the Concession Agreement.

Subsequently, the Company along with STPL is keeping a close watch on the situation and is taking steps towards necessary legal recourse in the said matter.

Shares of Bharat Road Network Limited was last trading in BSE at Rs. 31.25 as compared to the previous close of Rs. 32.00. The total number of shares traded during the day was 25579 in over 240 trades.

The stock hit an intraday high of Rs. 32.85 and intraday low of 30.65. The net turnover during the day was Rs. 806634.00.

Source : Equity Bulls

Keywords

BharatRoadNetwork INE727S01012 BRNL Highways NHAI TollCollectionSuspended