Construction work on six laning of Agra-Etawah bypass road commenced by IRB’s SPV, AE Tollway

The Special Purpose Vehicle of IRB Infrastructure Developers Ltd (IRB); the AE Tollway Pvt. Ltd has started with the construction work on the Agra – Etawah bypass road with effect from 1st August 2016. The Toll Operations of the company on the road have also commenced from 1st August 2016, in line with the appointed date duly communicated by the Competent Authority.

IRB-Infrastructure

Mr. Sudhir R Hoshing, Joint Managing Director, IRB Infrastructure Developers Ltd. highlighted the status of this development stating that, “We are pleased to commence the widening work of Agra-Etawah bypass road. Once completed, the corridor will provide congestion free, safe and more comfortable travel to commuters with much reduced travel time.” He further added, “We are committed to develop the World Class road infrastructure that India needs to implement its development agenda.”

The Company has recently achieved a financial closure for the project. To re-iterate, IRB Infrastructure Developers Ltd. had earlier bagged the Rs.2650 Crores project of six laning of the 124 Kms section of Agra-Etawah bypass road on NH-2 in the State of Uttar Pradesh. The project is on Design, Build, Finance, Operate &Transfer (DBFOT) basis, as envisaged by the NHAI under its Phase-V of the National Highway Development Projects (NHDP).

IRB Infrastructure Developers Ltd is currently trading at Rs. 207.5, up by Rs. 0.8 or 0.39% from its previous closing of Rs. 206.7 on the BSE.

The scrip opened at Rs. 209.1 and has touched a high and low of Rs. 210.75 and Rs. 205.8 respectively. So far 567115(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7264.47 crore.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 272.2 on 20-Oct-2015 and a 52 week low of Rs. 197 on 24-Jun-2016. Last one week high and low of the scrip stood at Rs. 224.9 and Rs. 206.25 respectively.

The promoters holding in the company stood at 57.43 % while Institutions and Non-Institutions held 36.29 % and 6.28 % respectively.

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