MEP Infrastructure Developers Ltd updates on SPV MEP Longjian VTR Pvt Ltd

MEP Infrastructure Developers Limited ('MEP') (Lead Member) under the Joint Bidding Agreement with Longjian Road & Bridge Company Limited ('Longjian') (with an equity contribution of 51:49) was awarded the Project of Construction of 8 (Eight) Laning of existing 4 (Four) Lane VADAPE to THANE from km. 539.202 to km. 563.000 Section of NH-3 (new NH-848) in the State of Maharashtra to be executed on Hybrid Annuity Mode by National Highways Authority of India ("NHAI"). The said Project was being executed by the SPV: MEP LONGJIAN VTR PRIVATE LIMITED incorporated for the purpose.

The Concession Agreement (CA) with NHAI was executed on July 4, 2018 and the appointed date declared by NHAI was January 21, 2019.

Due to circumstances beyond the control of the Management, Longjian-the other Consortium Member, expressed their inability to infuse their share (49%) in the Equity Contribution.

In view of the foregoing and on our request as per the terms of CA, NHAI, Lenders and the SPV have entered into an Endorsement Agreement for a Harmonious Substitution for the Project with the Nominated Company - MSRDC Infrastructure Projects Limited.

Shares of MEP Infrastructure Developers Ltd was last trading in BSE at Rs.25.65 as compared to the previous close of Rs. 26.7. The total number of shares traded during the day was 208793 in over 1063 trades.

The stock hit an intraday high of Rs. 27.3 and intraday low of 25.35. The net turnover during the day was Rs. 5502109.

Source : Equity Bulls

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