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Nagpur Seoni Express Way Limited receives arbitration award

Posted On: 2018-10-08 21:54:21

Nagpur Seoni Express Way Limited ("NSEL"), subsidiary of Sadbhav Infrastructure Project Ltd, has won an arbitration award against NHAI of Rs. 61.25 crs (including interest upto the date of award of Rs. 18.64 crs). From the date of award till final payment, NSEL shall receive interest at the rate of 12% p.a. Additionally, NSEL will also get 19 Semi Annual Annuity amount of Rs. 21.79 Crores instead of Rs. 19.198 Crores presently paid by NHAI making total Award amount of Rs. 110.50 Crores.

Nagpur Seoni Express Way Limited received appointed date on 26th November, 2007 for widening the then existing 2 lane portion from Km. 596.750 to Km. 653.225 on NH-7 in the state of Madhya Pradesh to 4 lanes under NHDP Phase III on BOT Annuity basis. Original concession period is 20 years from the Appointed Date. Total length of the project is 27.73 kms. NSEL achieved CoD on 25th May, 2010.

Shares of Sadbhav Infrastructure Project Ltd was last trading in BSE at Rs.99.75 as compared to the previous close of Rs. 95.25. The total number of shares traded during the day was 3884 in over 61 trades.

The stock hit an intraday high of Rs. 101.4 and intraday low of 93.55. The net turnover during the day was Rs. 373239.


Source: Equity Bulls

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