Welspun Enterprises Ltd receives completion certification for HAM project

Welspun Enterprises Limited has announced the receipt of Completion Certificate in respect of the Hybrid Annuity Model ("HAM") project Two Laning of Road with paved shoulder under MRIP Package No. AM 2 under Public Works Circle, Amravati in the State of Maharashtra ("the Project") from PWD Maharashtra on July 30, 2022. The Provisional Commercial Operation Date ("PCOD") was earlier declared as November 11, 2021, with the first annuity payable six months later i.e. May 2022. The Completion Cost of the Project is around Rs. 1,719.20 crore. The Company has entered into 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.

Out of the Company's total developer road portfolio of 8 projects of around Rs. 12,000 crore, 6 projects of Rs 8,500 crore are now revenue-generating, with 3 having received the Completion Certificate, and the balance 3 having achieved PCOD.

Shares of Welspun Enterprises Limited was last trading in BSE at Rs. 101.00 as compared to the previous close of Rs. 99.55. The total number of shares traded during the day was 58741 in over 1217 trades.

The stock hit an intraday high of Rs. 102.85 and intraday low of 99.60. The net turnover during the day was Rs. 5927075.00.

Source : Equity Bulls

Keywords

WelspunEnterprises INE625G01013 CompletionCertificate HAMProject