Ashoka Mallasandra Karadi Road Pvt Ltd gets Provisional Certificate for NHAI Project

Ashoka Buildcon Limited ("the Company") informs 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") vide letter issued by Independent Engineer on November 10, 2022 for the Project viz. "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)" ("Project").

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.

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

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 73.80 as compared to the previous close of Rs. 74.10. The total number of shares traded during the day was 52135 in over 658 trades.

The stock hit an intraday high of Rs. 75.40 and intraday low of 73.55. The net turnover during the day was Rs. 3872313.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 CommercialOperationDate HAMproject NHAI