Ashoka Karadi Banwara Road Pvt Ltd receives Certificate of COD for NHAI Project

Ashoka Buildcon Limited ("the Company") announced the declaration of September 08, 2023 as the Commercial Operations Date (CoD) for its Hybrid Annuity Mode Project of National Highways Authority of India ("NHAI") vide letter issued by Independent Engineer on September 26, 2023 for the Project viz. "Four Laning of Tumkur - Shivamogga section from 66+540 (Design km 65+195) (Karadi) to km. 119+790 (Design km. 121+900) (Banwara) of NH-206 on Hybrid Annuity Mode under NHDP Phase-IV in the state of Karnataka (Package-II)" ("Project").

The Project is executed by Ashoka Karadi Banwara 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 41.61 KMs out of total Project stretch of 56.71 KMs.

Shares of Ashoka Buildcon Limited was last trading in BSE at Rs. 110.75 as compared to the previous close of Rs. 102.35. The total number of shares traded during the day was 1552672 in over 11572 trades.

The stock hit an intraday high of Rs. 113.95 and intraday low of 102.40. The net turnover during the day was Rs. 172213946.00.

Source : Equity Bulls

Keywords

AshokaBuildcon INE442H01029 AshokaKaradiBanwaraRoad CoD HAMProject NHAI