Ashoka Buildcon Limited ('the Company') has announced that Ashoka Concessions Limited, a subsidiary of the Company, has been directed to pay Rs.57.33 Crore plus interest to L&T Infrastructure Development Projects Limited ('LTIDPL') towards share of shortfall funding of SPV - PNG Tollway Ltd.
PNG Tollway Ltd. was running project of Design, Engineering, Finance, Construction, Operation and Maintenance of 6 laning of existing 2 laning of the Pimpalgaon-Nashik-Gondhe section of NH-3 from Km.380.00 to Km.440.00 in the state of Maharashtra under NHDP Phase IIIA on Build Operate and Transfer (BOT) basis, awarded by NHAI ('Project'). Project is terminated by PNG Tollway Ltd. on February 25, 2016. L&T IDPL along with its group companies own 74% and Ashoka Concessions Ltd. owns 26% shareholding of PNG Tollway Ltd., respectively.
ACL may approach appropriate forum for setting aside the arbitral award against it.
Shares of ASHOKA BUILDCON LTD. was last trading in BSE at Rs.136.8 as compared to the previous close of Rs. 138.55. The total number of shares traded during the day was 25390 in over 507 trades.
The stock hit an intraday high of Rs. 140.15 and intraday low of 135.65. The net turnover during the day was Rs. 3517267.