Om Infra Ltd updates on SPV

M/s Bhilwara Jaipur Toll Road Pvt. Ltd., an associate SPV of Om Infra Ltd having shareholding between SPML Infra and Om infra in the ratio 51:49, is in the business of Toll Road Operation and Maintenance in the State of Rajasthan, had terminated the concession agreement for breach of contract on the part of Govt of Rajasthan and the matter was subjudice and referred to arbitrator. In compliance of interim arbitration award upheld by Rajasthan High court, PWD taken over the custody of road assets on 15th June 2021 and has deposited in total debt due Rs.191.79 cr in escrow account with secured lender.

The abstract of High court order dated 12.10.2020 "The court is of the view that the rights of the parties can be protected by directing the state to take over the possession of the project highway as directed by the learned sole arbitrator. The amount of Rs.191.79 cr shall be deposited with the banks equally in the escrow account by the state and shall not be released to the petitioner. It shall be kept with the bank and would not be utilized for payment to the petitioner till final disposal of appeal pending in learned commercial court."

The direction of appropriation of amount from escrow account to loan account has been sought from Hon'ble high court and next date is scheduled on 6.9.2021. PWOD's appeal is also pending against interim order of arbitration in commercial court Rajasthan.

Shares of OM INFRA LIMITED was last trading in BSE at Rs. 33.35 as compared to the previous close of Rs. 32.6. The total number of shares traded during the day was 58895 in over 509 trades.

The stock hit an intraday high of Rs. 34.35 and intraday low of 31. The net turnover during the day was Rs. 1916765.

Source : Equity Bulls

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