Ashoka Buildcon announces expiry of concession period - Handing over of the Toll Project at Katni

Ashoka Buildcon Limited ("the Company") has announced that its subsidiary viz. Ashoka-DSC Katni Bypass Road Limited ("SPV") is implementing the Project viz. 'To carry on the business of building, erection, construction, developing, maintaining and operation of the Infrastructure project of Roads and Bridges of Katni Bypass on N.H. 7 from km. 361/2 to 378/6 around Katni town in the State of Madhya Pradesh in India on BOT basis or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP' ("the Authority").

The SPV has handed over the Project back to the Authority on August 18, 2022 at 00.00 hours at midnight, after the expiry of the Concession Period successfully as per the terms of the Concession Agreement and as per the claims awarded by Arbitral Tribunal and interim Orders of Hon'ble High Court of Delhi.

The toll income of the same is not recognized as Revenue since the matter is sub-judice from September 17, 2014.

The SPV will continue to pursue its pending claims of the Project with the Authority through conciliation mode for settlement.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 79.50 as compared to the previous close of Rs. 80.30. The total number of shares traded during the day was 68088 in over 1103 trades.

The stock hit an intraday high of Rs. 81.75 and intraday low of 79.00. The net turnover during the day was Rs. 5428781.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 SPV ProjectHandOver