NHAI accepts arbitration award in favour of Dhule Palesner Tollway Limited

Sadbhav Infrastructure Project Limited had earlier announced regarding winning of an Arbitration Award against National Highways Authority of India (NHAI) by Dhule Palesner Tollway Limited (DPTL), a subsidiary of the Company. NHAI has accepted arbitration award amounting to Rs.43,95,14,565/- without any pendente-lite interest and interest on delayed payment. Accordingly, sum of Rs. 43,29,21,847 /-has been released by NHAI.

As per Restated Share Purchase Agreement ("RSPA") entered into on 28th October 2015, 60% of the awarded amount (net of taxes and expenses) shall be paid to HCC Concessions Limited and 40% belongs to the Company.

Dhule Palesner Tollway Limited received appointed date on 21st December, 2009 to augment the existing road from Km. 168.500 to Km. 265.000 on the MP/Maharashtra Border - Dhule section of NH-3 in the state of Maharashtra by four-laning on DBFOT basis. Original concession period is 18 years from the Appointed Date. Total length of the project is 89.00 kms. DPTL achieved 1st CoD on 23rd January, 2012.

Further, also note that Company had signed definitive agreements with Indinfravit Trust on 1st July, 2019 to sell 100% stake in nine operational projects including DPTL and Company had transferred its stake of DPTL to Indlnfravit Trust in February, 2020.

Shares of Sadbhav Infrastructure Project Ltd was last trading in BSE at Rs.16.2 as compared to the previous close of Rs. 16.15. The total number of shares traded during the day was 113682 in over 76 trades.

The stock hit an intraday high of Rs. 16.4 and intraday low of 15.8. The net turnover during the day was Rs. 1835845.

Source : Equity Bulls

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