IRB Infrastructure Developers rose 2.86% to Rs 219.50 at 10:59 IST on BSE after the company said its wholly-owned subsidiary achieved financial closure for its Udaipur-Gujarat border six laning project.
The announcement was made after market hours yesterday, 5 July 2017.Meanwhile, the S&P BSE Sensex was up 159.19 points, or 0.51% to 31,404.75.
On the BSE, 1.61 lakh shares were traded in the counter so far, compared with average daily volumes of 3.08 lakh shares in the past one quarter. The stock had hit a high of Rs 221.10 and a low of Rs 214.50 so far during the day. The stock hit a 52-week high of Rs 272.40 on 3 May 2017. The stock hit a 52-week low of Rs 177.50 on 23 November 2016.
The stock had underperformed the market over the past one month till 5 July 2017, falling 7.58% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.93% as against Sensex's 4.40% rise. The scrip had also underperformed the market in past one year, falling 2.13% as against Sensex's 15.01% rise.
The mid-cap company has equity capital of Rs 351.45 crore. Face value per share is Rs 10.
IRB Infrastructure Developers said that its special purpose vehicle, Udaipur Tollway, has successfully achieved financial closure for its Udaipur-Gujarat Border six laning BOT (build-operate-transfer) project.
The special purpose vehicle, in terms of the concession agreement executed with the National Highways Authority of India (NHAI), has tied up with the consortium of lenders for project finance to the tune of Rs 1461 crore.
The project involves 6 laning of national highway (NH)-8 between Udaipur to Gujarat border of 113.8 Kms length. Concession Period for the project is 21 years including construction period of 910 days. Tolling commences from the appointed date.
The total project cost is Rs 2088 crore, out of which Rs 627 crore will be an equity contribution by the road developer and remaining will be funded by the consortium of lenders led by Canara Bank with average cost of around 10.65% per annum. Other lenders of the project include Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance.
On a consolidated basis, IRB Infrastructure Developers' net profit rose 32.15% to Rs 207.23 crore on 5.89% growth in net sales to Rs 1627.12 crore in Q4 March 2017 over Q4 March 2016.
IRB Infrastructure Developers is one of the largest private roads and highways infrastructure developers in India.
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