Lanco Infratech Teesta VI Hydro Power Project achieves Financial Closure

Lanco Infratech Ltd has announced that the 500 MW (4x125) Teesta VI Hydro Power Project being developed by LANCO Energy Pvt Ltd, a Subsidiary of the Company, in Sikkim has achieved Financial Closure. The Project, estimated to cost Rs 3,000 Crore, would be financed with a debt of Rs 2,400 Crore and an Equity of Rs 600 Crore. A Consortium of Nine Banks and Financial Institutions with ICICI Bank in the lead are providing the debt required for the project. The Company will have a 74% stake in the Project with the Government of Sikkim holding the remaining 26%.

The construction and EPC contract amounting to Rs 2,340 Crore for the project has been awarded to the Company. With this contract, the construction and EPC order book of the Company currently stands at more than Rs 7,500 Crore.

The stock was trading at Rs.224.10, up by Rs.14.15 or 6.74%. The stock hit an intraday high of Rs.225.60 and low of Rs.213.20. The total traded quantity was 316849 compared to 2 week average of 489172.

Source : Equity Bulls

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